High-amenity mixed-use project hopes to extend the downtown business zone and bring new life to a historic landmark
TROY, NY- City, county and state officials, as well as leaders of the Troy business community, joined representatives from The Rosenblum Companies today at 501 Broadway, the former home of the Troy Record newspaper, to celebrate a groundbreaking for Rosenblum’s $23+ million mixed-use loft apartment project (rendering pictured above).
The renovation of the historic building is the company’s second foray into multifamily development and adaptive reuse of an underutilized building; in 2011, Rosenblum converted the former Livermore-Traendly auto dealership and repair shop–built circa 1928–into 17 Chapel Boutique Condominiums, the first and only luxury condominium building in downtown Albany.
“I know I am joined by many in welcoming this substantial private investment in our city’s downtown area,” said Troy Mayor Patrick Madden. “This project is a perfect blend of historic renovation with new construction that will further expand Troy’s historic district to the borders of our downtown. I look forward to seeing the first units being leased and the Troy Record Building being filled with life once again.”
The historically sensitive renovation of the Record Building and construction of a complementary new addition will result in 101 new apartments and ground-floor retail space. Restaurant-ready infrastructure will also be added along 5th Avenue and Broadway, creating an extension to the downtown entertainment and business zone.
“This project addresses a growing demand for high-quality, high-convenience metropolitan apartment communities that amplify the walkable urban lifestyle just beyond their doors,” said Rosenblum’s Executive Vice President Jeff Mirel. “We will combine a long list of unique in-unit and communal features including leisure, fitness, bicycle, pet care and co-working spaces with the best amenity of all, downtown Troy.”
“While we’ve entered a new phase of growth at The Rosenblum Companies, our focus is not on being the biggest, but undertaking innovative, sustainable projects that create lasting value for our company, clients and communities,” said Chief Executive Officer of The Rosenblum Companies Seth Rosenblum. “To take part in Troy’s renaissance by giving the historic Troy Record Building a second life, bringing the first new construction market rate apartments to downtown, and reinforcing the walkability between RPI and the Central Business District, is a one-of-a-kind opportunity that checks all the boxes.”
“This project continues the momentum of the increased investment and development in Troy and Rensselaer County.I want to commend the Rosenblum Companies for breathing new life into this building and look forward to seeing the ultimate success of this project as well as the positive impact it will have on the surrounding businesses,” stated Rensselaer County Executive Kathleen M. Jimino.
“The history of The Troy Record building goes back more than 100 years, making it an industry institution and a community landmark. Hundreds of people have been employed here throughout the years, and thousands more relied on this news hub for daily communications, which is why it’s important that The Rosenblum Companies purchased the building. They understand the importance of preserving the historical past while creating a new future of this property. Their plans will directly complement the growing downtown vibrancy and increase the economic vitality of both the City of Troy and Rensselaer County,” said Michael O’Sullivan, President of the Rensselaer County Chamber of Commerce.
“We’ve met with longtime business leaders, entrepreneurs, officials, residents and other community stakeholders throughout the planning process for this project, and the reception has been overwhelmingly positive,” said Mirel. “The renaissance of Troy is not a sudden phenomenon, but the result of much hard work, time, sweat equity and dollars, and we are committed to doing our part as good stewards of Troy Life.”
Construction is anticipated to take approximately 18 months. Leasing of the retail space is being handled by Alex Kutikov for Redmark Realty. Interested parties should contact Mr. Kutikov at 518-952-7500or [email protected].