Grant supports redevelopment plan with mixed-use development in a specific, previously studied area
TROY, N.Y. – The Madden Administration announced that the City of Troy was selected to receive a $20,000 New York Main Street (NYMS) Program funding award as part of the 2023 Regional Economic Development Council (REDC) Consolidated Funding Application (CFA). The grant will be administered through the City of Troy’s Department of Planning & Economic Development.
“My administration has focused on developing the walkable small business development projects that our families want as a part of a larger effort to enhance the quality of life in our neighborhoods—an effort this grant funding will help us realize for Troy’s future,” said Mayor WM. Patrick Madden. “I thank the Planning Department employees for their continued work in helping us develop a vibrant City of Troy, one with both a healthy economic outlook and accessible housing for all incomes.”
Troy will use the awarded funds, matched by a contribution from the Troy Industrial Development Authority (TIDA), to engage a design professional to complete assessments of all the properties located within a concentrated study area. The study will look at a few blocks along Second Avenue between 115th and 117th Street—the center of what was once a thriving commercial downtown in Lansingburgh. Following an extensive feasibility study, the Planning and Economic Development Department plans to submit their redevelopment strategy for a larger New York Main Street Rehabilitation Grant during the 2024 round of CFA funding opportunities. It plans to leverage state redevelopment funds to make the smaller 2 and 3-story buildings more attractive and economically feasible for local investors and smaller developers.
The REDC and the CFA were created in 2011 to provide each region with the tools to create and implement their own roadmap for economic prosperity and job creation.
Troy Commissioner of Planning and Economic Development, Dylan Turek: “Over the last few years, we’ve worked to increase interest and investment in Lansingburgh development projects. With the existing mix of historic multi-family and single-family homes now being supported by larger residential development projects, we are working to bring a commercial core back to life in the ‘Burgh one block at a time if needed. I’d like to thank Denee Zeigler from my office for taking the initiative to bring these resources to the community. The pieces are coming into place for Lansingburgh to once again be one of the most sought after neighborhoods for families and young professionals in Troy.”
The Planning Department is responsible for the planning, development, coordination and promotion of the physical, social and economic well-being of the City. The department serves as staff and adviser to the City's Planning Commission, Historic District Commission, and Zoning Board of Appeals. The department also serves as a staff and advisor to the Troy Industrial Development Authority, Troy Local Development Corporation, and Troy Capital Resource Corporation.