Troy officials have approved nearly $2 million in ARPA funds to jumpstart redevelopment of One Monument Square, the downtown lot that has sat empty since the former City Hall was torn down in 2011. The announcement, made jointly by the mayor's office and the Troy Local Development Corporation, directs the money toward planning, design and engineering work for the long-vacant site.
The funding comes from a $2 million allocation designated for development of the property, according to the announcement reported by the Troy Record. Mayor Carmella Mantello said the funding will help advance the project, create economic waterfront opportunities and strengthen downtown, per the same announcement. The Troy Local Development Corporation, known as the TLDC, is a public benefit corporation that assists with acquisition and development of buildings and sites facing unique financial and environmental obstacles.
The timing matters. Earlier reporting from WAMC noted that in December 2024, Mayor Mantello said $1 million in ARPA funding once eyed for One Monument Square had already been dispersed elsewhere, a sign of how fragile the project's funding picture has been. This latest allocation represents a fresh commitment rather than a continuation of that earlier money.
A Site With Six Failed Attempts
One Monument Square is currently a vacant lot, and it has stayed that way for 15 years. A July report from Spectrum Local News noted the site has remained vacant since the demolition of the former City Hall 15 years ago, torn down because of disrepair. Six previous attempts to redevelop part of the site have failed, the outlet's reporting indicated.
Deputy Mayor and TLDC Executive Director Seamus Donnelly described the board's funding approval as a significant step, saying the project is closer to advancing than it has been in nearly a decade. Donnelly and Luizzi are working to finalize a letter of intent that will guide a land development agreement for review and approval by both the TLDC board and the Troy City Council, according to the announcement.
Video Game Studio Set to Anchor the Site
Velan Studios, which develops video games including Guitar Hero and Skylanders, is expected to become the primary occupant of the redeveloped site, officials said. The proposed multi-use building would include roughly 40,000 square feet of office space alongside approximately 50 residential apartments. Velan Studios and Luizzi Companies will serve as co-equity partners and are expected to become the property's ownership partners once the transaction is completed.
Luizzi Construction, based in Colonie, will serve as the project's contractor. The company has led other regional projects including Lincoln Business Park, 25 Tibbits Ave., 146 Marketplace and Starbuck Island, where News10 reported Luizzi Companies built apartments and retail space on the nearby island. That track record of completed projects nearby has been cited as part of the case for the partnership this time around.
Waterfront Access and a Contested Price Tag
Beyond housing and office space, proposed public amenities for One Monument Square include a connection from River Street to the Hudson River, additional parking and a playground. The project has been described as an approximately $50 million public-private undertaking, though coverage of the project's scale has varied: Spectrum Local News referred to it as a $50 million project, while News10 described the proposal as an investment of more than $50 million. Spectrum's earlier reporting also detailed a funding plan combining $19 million in state funding, $2 million in ARPA funds and the remainder through private investment.
News10's coverage separately reported the project was estimated to generate about 200 temporary construction jobs and more than 150 permanent positions, numbers that underscore why city officials have pushed to keep the funding moving. TLDC board member Sue Steele said she was pleased that the project and funding were moving forward, while also noting that ARPA funds must be spent before the end of 2026 or they will be lost. In late 2024, the earlier $1 million allocation was redirected under a separate deadline requiring Troy to allocate its ARPA funds by the end of that year.
