New York governor Kathy Hochul has announced the commencement of construction of a new mixed-use development on River Street in Troy, Rensselaer County, US.
The Flanigan Square project is valued at $65m and comprises more than 200 homes spread across different locations within the area, including low-income housing and properties for older citizens, a grocery store, and approximately 40,000ft² of commercial space spread across three buildings.
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The project is located within Troy’s Downtown Revitalization Initiative district and is expected to create a destination along the waterfront, which is set to boost regional growth and development.
The Flanigan Square transformation comprises three Downtown Troy locations: 547, 549, and 558 River Street.
The project at 547 River Street will see the conversion of a 68,000ft² office space into 72 residential units.
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Additional internal and external improvements will provide more than 40,000ft² of commercial space, including plans for an outdoor glass-enclosed rock-climbing wall and gym.
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By GlobalDataAdditional site improvements involve added walking routes, electric vehicle (EV) charging stations, and enhanced parking areas.
Meanwhile, US-based developer First Columbia intends to construct a 123-unit building adjacent to 549 River Street aimed at older residents.
Hochul said: “With hundreds of units of housing, a brand-new, affordable grocery store, and improvements to the public realm in the City of Troy, Flanigan Square represents exactly the kinds of projects we need to breathe life into our downtowns.
“Through investments in developments like this one, my administration is helping to increase the housing supply, address longstanding issues like food insecurity, and creating vibrant, dynamic neighbourhoods all over New York State that will help drive the regional economy forward.”
