The design plans for Troy’s One Monument Square Building which is estimated at $60 million have finally been unveiled. This mixed-use building was initially estimated at $30 million before the Covid pandemic, but due to inflation and the rising cost of materials, several changes were made. Hoboken Brownstone Company, a real estate firm in New Jersey, is responsible for the development and Chazen Companies will be handling the architectural landscape.
The One Monument Square Building is to be developed as a unique blend of modern architectural designs and ancient designs from as far back as the early 1880s. Syvertsen Rigosu Architects, the architectural company working on this project, admitted that their inspiration for the building’s design was drawn from the city’s rich architectural history. The building’s facade is intended to pay homage to the unique architectural designs of the surrounding business district.
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Designs for the One Monument Square Building show that it will be a combination of seven buildings in one and the designs of each of these already existing buildings, will make up its four distinct external faces. One of the building’s facades, facing the southern border of River Street, will be formed by a two-story structure similar to buildings from the 1840’s. Starting from this point, as the exterior of the One Monument Square building progresses north on River Street, it will use the designs of the second and third buildings which were built between the 1860s and 1880s. Then the building’s exterior will spiral around the plaza and finally end on the northern side of the site, with the design of a more modern looking six-story-inspired factory building.
This One Monument Square building will provide access to the city’s waterfront and an outdoor wraparound plaza space. It also features ground-floor retail spaces, occupying a total of 22,000 square feet and 90 apartment spaces which will be included for the five upper floors of the building. The retail space on the ground floor is expected to accommodate an incubator for vendors at the city’s farmers market, a restaurant with a large glass door, and a living lab for research and development as well as workforce development. The developers are aiming at breaking ground in 2023.
Troy’s Commissioner of Planning & Economic Development, Steven Strichman gave the cost breakdown of the One Monument Square Building project. Strichman said that Hoboken Brownstone would be making an investment worth more than $40 million to build up the structure vertically, but there are also other additional costs worth up to $18.5 million, which are associated with the public space, garage and utilities; these additional costs are to be covered by the city.
According to Strichman, the city is willing to raise the funds required to finance the additional costs of the project through state and federal grants. A portion of the generated funds will be used for the construction of a plaza on the street level and a two-story underground garage for the One Monument Square building, with a 125 vehicle capacity.
