ESD Announces Groundbreaking for The Collar Factory Lofts in Troy

$16 Million Project will Transform Historic Factory Building into Apartments and Retail Space

September 26, 2018

Empire State Development (ESD) today announced the groundbreaking of The Collar Factory Lofts at 701 River Street in Troy, Rensselaer County. The historic rehabilitation project will transform a vacant historic property into nearly 80 apartments, and street-level commercial and retail space, supporting regional downtown revitalization efforts through adaptive reuse.

ESD President, CEO and Commissioner Howard Zemsky said, "New York State’s strategic investments and public-private partnerships are breathing new life and energy into long-vacant historic buildings like the transformed Collar Factory Lofts, which will support Troy’s continued renaissance with new opportunities for people to live, work and shop."

Built in 1899 as the Searle, Gardner and Company Cuff and Collar Factory, this building was crucial to the City’s collar manufacturing past. It was used in collar making and the garment industry through the 1960s and was added to the National Register of Historic Places in 2014. The former factory has been vacant and in failing condition for more than 15 years. The developers will invest more than $16 million into the adaptive reuse of the 90.000 square foot building. Empire State Development has agreed to support the project with $1.8 million, awarded the City of Troy during Round 5 of the Restore NY Communities Initiative.

Tom Rossi, Principal at Redburn Development Partners, said, “We are excited to get started on this latest investment into the North Central Neighborhood in the City of Troy. Without the incredible assistance of Empire State Development and the State of New York this investment could not happen. It is a long-awaited advancement of the downtown development that receives all the headlines. The Collar Factory Lofts projects fulfills two of Redburn’s main mission goals – saving historic structures in urban areas and building with environmentally sustainable practices."

The developers expect construction to take 12 months. The 77 apartments will feature refinished historic hardwood floors, high ceilings and large windows, combined with modern fixtures and finishes. The pet friendly building will include community amenities like a dog washing station and a large gym. The 15,000 square feet of retail space can be configured to the needs of the tenant and features riverfront views, outdoor seating and on-site parking. The building will be powered using Redburn’s proprietary green energy system with an on-site power generation plant, which reduces both utility costs and the property's carbon footprint.

Senator Neil Breslin said, "The addition of the Collar Factory Lofts is yet another example of the rebirth that is taking place in Troy. Rehabbing this vacant historic property will not only support Troy's downtown revitalization efforts, it will maintain the connection to its rich history. I applaud both Governor Cuomo and Empire State Development for their commitment to Troy through the Restore NY Communities Initiative."

Assemblymember John T. McDonald III said, "The groundbreaking for the Collar Factory Lofts is a tremendous start for this exciting project. The adaptive reuse of the factory turns one of Troy’s historical buildings into a space that preserves the history yet serves the current needs of the region. Thank you to Empire State Development for providing the resources through Restore NY to make this project possible."

Troy Mayor Patrick Madden said, "The start of construction on the Collar Factory Lofts is another exciting step forward in the continued revitalization of our City and the North Central neighborhood. With support of Governor Cuomo and Empire State Development, another vacant property will be restored to productive use, providing valuable market-rate housing and commercial space while honoring Troy’s rich manufacturing history. When complete, the Collar Factory Lofts will be strongly positioned to benefit from the many recreational amenities North Central has to offer, including the Uncle Sam Bike Trail and recently-announced Ingalls Avenue Boat Launch. Redburn Development remains a valued partner in our efforts to ensure the North Central neighborhood remains a place where families can live, work and play, and we applaud their ongoing commitment to our City."

About Empire State Development
Empire State Development (ESD) is New York’s chief economic development agency (www.esd.ny.gov). The mission of ESD is to promote a vigorous and growing economy, encourage the creation of new job and economic opportunities, increase revenues to the State and its municipalities, and achieve stable and diversified local economies. Through the use of loans, grants, tax credits and other forms of financial assistance, ESD strives to enhance private business investment and growth to spur job creation and support prosperous communities across New York State. ESD is also the primary administrative agency overseeing Governor Cuomo’s Regional Economic Development Councils and the marketing of "I LOVE NY," the State’s iconic tourism brand. For more information on Regional Councils and Empire State Development, visit www.regionalcouncils.ny.gov and www.esd.ny.gov.

 

Contacts:
Adam Ostrowski (ESD) | adam.ostrowski@esd.ny.gov | (518) 292-5148 | (800) 260-7313
Elizabeth Young Jojo (Redburn) | eyoung@redburndev.com | (518) 727-9786