$1M announced for One Monument Square in downtown Troy

AMSTERDAM, N.Y. (NEWS10) — The Troy Local Development Corp. is being awarded $1,000,000 to fund its major infrastructure redevelopment plans for One Monument Square.

Congressman Paul D. Tonko announced the funds on Thursday, having sent a letter to the administrator of the grant in June advocating for the One Monument Square infrastructure project. “Investing in our Capital Region infrastructure creates good-paying jobs, improves our regional economy, and enhances our public spaces,” Tonko said. “Now more than ever, we need to step up and support these transformative projects that add so much to our communities.”

Troy City Council President Carmella Mantello praised the grant, noting that many efforts to develop the site had gone awry because of its particular infrastructure needs. “One Monument Square has incredible potential to transform our waterfront into a regional destination,” she said.

This Economic and Infrastructure Development grant comes through the Northern Border Regional Commission and will be used to prepare the waterfront property for future construction, including critical sewer infrastructure upgrades.

“This project will pay dividends,” said Kristin Swinton, Chair of the Capital District Regional Planning Commission, “not only by setting the stage for substantial private investment, but also by enhancing one of our region’s great public spaces.”

Troy City Council President Carmella Mantello stated, in response to a $1 million grant secured by Congressman Tonko and funded through the Northern Border Regional Commission (NBRC), “This is great news for a critical economic and recreational development project along our treasured Hudson River. Many development efforts have gone awry at One Monument Square due to the infrastructure needs at the site, and this funding will continue moving this project forward. As I’ve stated many times, One Monument Square has incredible potential to transform our waterfront into a regional destination. Thank you to Congressman Tonko and the Troy LDC staff for their hard work obtaining this funding.”