Vote may augur shift in Troy focus
Lansingburgh project hints at non-downtown pivot
Troy A $49.9 million boost to Lansingburgh may come as the Standard Manufacturing Building is transformed into 151 units of affordable housing that may be the catalyst for sparking renewal in the neighborhood business district along Second Avenue.
As the City Council moves into an election year for six seats, the Lion Factory Building project — so-named for the property ’s original owner — is one of the first major investments in a neighborhood outside the city ’s robust downtown. Politicians have campaigned repeatedly on improving the neighborhoods outside downtown.
The six-story building at 750 Second Ave. is a Lansingburgh landmark, occupying the east side of the block between 120th and 121st streets. The five upper floors would be apartments with commercial use on the first floor.
“There are potentially 151 new residential units of people … being on the streets helping to bring back the retail component of the area,” Steven Strichman, the city ’s planning and economic
development commissioner, recently told the Troy Industrial Development Authority about the benefits the conversion would bring to the northernmost reaches of the city.
“It’s the reuse of a building that’s
sitting mostly vacant right now. It’s the preservation of an asset in the city,” Strichman said.
The overhaul of Standard Manufacturing for affordable housing could
mean a “bright future for the area,” Councilman Jim Gulli, who represents Lansingburgh, said Tuesday.
The Lion Factory project and other proposals could “give us enough juice to target and rebuild the Lansingburgh business district,” said Gulli, who also serves on the IDA and joined the unanimous vote in December to grant Regan Development of Westchester County the tax breaks for the project.
Gulli said the city ’s success downtown has resulted in rents and prices climbing. The 151 residential units of affordable housing at Standard Manufacturing, he said, would provide a place for younger people to locate in the city and might convince them to eventually buy homes in Lansingburgh.
The apartments would include 115 one-bedroom units, 33 two-bedroom units and three three-bedroom units. The city Planning Commission and Zoning Board of Appeals have granted prior approvals for the project. It will take about
two years to build it after financing is secured.
Strichman said the city will add Lansingburgh to a grant proposal to extend development of the Hudson River waterfront north from the City Hall area. The city is seeking funds to conduct studies and do other work. Strichman said the IDA
will receive more than $300,000 in fees from Lion Factory that will be reinvested in the community.
Larry Regan of Regan Development of Westchester County said his firm would be at the IDA’S January meeting later this month to seek support for the first-floor business project known as Lion Commercial.