TROY N.Y. (NEWS10)- Come June there will be a flurry of work at the Standard Manufacturing building in Lansingburgh. The building, located at 750 2nd Avenue between 120 and 121 Streets, is being converted into a 150-unit apartment building with green energy upgrades.

The historic building will have geothermal heating, window, and insulation upgrades with $1.7 million in funding from the state’s Clean Energy Initiative, administered through Homes and Community Renewal in partnership with the New York State Energy and Research Development Authority.

It will be an all-electric building with most units dedicated to affordable housing. It’s estimated that tenants will save 40% on utilities, according to the President of Regan Development Corporation, Larry Regan.

“This project will be a good anchor and center for growth. We’re excited about it,” Regan said. The building will enhance and work with the city’s redevelopment vision for 2nd Avenue, he added.

“This will be Troy’s fourth large-scale development project to forego fossil-fuel systems in favor of ground-source heating and cooling, demonstrating the feasibility of environmentally sustainable projects,” said Troy’s Commissioner of Planning and Economic Development, Steven Strichman. “We are excited to partner with the Regan Development Team to revitalize a historic building that would not have occurred without assistance from New York State Department of Housing and Community Renewal, Historic Tax Credits, and the Troy IDA.”

Closing on the building is set for June with an approximate construction start date of July 1. Construction is anticipated to take 18 months, with a completion date of January 2024. The building will also have 8,000 square feet for commercial use. Regan said the company is proud of the fact that they will be working with U.W. Marx, a construction company from Troy.

Regan Development Corporation is also responsible for rehabilitating the Swinburne Building in Albany, converting it into a mix-use building for apartments and businesses. They are also responsible for building Broad Street Commons in Glens Falls, which has apartments set aside for people with disabilities.