TROY, N.Y.--The city of Troy announced the development team and plans selected for the re-development of One Monument Square on Monday.
The project is marked at $27 million, which will open public access to the waterfront, include over 50 luxury apartments, 30,000 square feet of retail space, and give a home to the Troy Waterfront Farmers Market. The plans also include an option for a new home for Troy City Hall.
The selected plans were submitted by a development team headed by the Kirchhoff Companies.
The project will be broken down into two phases. Phase one, including the building of apartments, parking garage, and retail space is expected to be completed in fall of 2015. Phase two, the option for a new City Hall, will start directly after phase one is complete.
"One Monument Square presents to the City of Troy and the entire Capital Region an opportunity that rarely exists along the Hudson River – a site that links the water directly to a vibrant Downtown," said Mayor Lou Rosamilia.
The announcement will take place at the The Arts Center of the Capital Region on Monday, February 3 at 10:30 a.m.