MOVING FORWARD
Financing secured for new downtown multi-use development
TROY, N.Y. » The United Group of Companies will start developing mixeduse multi-family apartments, garage parking, and office space called City Station North II, LLC after securing construction financing from Berkshire Bank the group announced in a press release.
City Station North is the fourth phase of a multi-phased development designed to bring revitalization into downtown Troy.
Between 2009 and 2013, United Group invested more than $60 million into City Station West, South and East, turning the current City Station neighborhood into a revitalized area that has dramatically enhanced the East corridor as an appealing entryway into the heart of the city, according to the release. City Station North will further expand on that.
“The City Station North development project endured a lot of challenges over the years…COVID and unprecedented increases in interest rates and construction costs,” Michael J. Uccellini, United Group’s President & CEO said in the release. “We are excited to have closed this $42M development deal in a very difficult economic and credit market.
“The project will bring muchneeded Class A Office Space and Class A market-rate apartments to the City of Troy. It will create lots of jobs and bring more businesses and residents to downtown Troy,” he continued. “Thank you to the City of Troy, the Troy IDA, Empire State Development, as well as Berkshire Bank and Ballston Spa National Bank for their unwavering support and commitment to the Project.”
“We are excited to see the City Sta
tion North project take the next step forward,” Mayor Carmella Mantello said in the release. “This major multi-use development will bring additional housing, parking and business space to downtown Troy, and is another example of our commitment to making Troy a destination to live, work and recreate.”
According to the release, City Station North II is being developed in an opportunity zone. United Group worked in partnership with the Empire State Development, which provided a $1.7 million capital grant recommended by the Capital Regional Economic Development Council, and the Troy Industrial Development Agency on the City Station North project. Both organizations work with developers committed to spurring economic growth and job creation in underserved communities.
“This project will improve the housing stock in the city of Troy and help revitalize an area that is located in an impoverished census tract,” Empire State Development President, CEO and Commissioner Hope Knight said in the release. “By supporting City Station North, we are transforming the neighborhood, which will lead to economic opportunity and growth in the Capital Region.”
“We couldn’t be more excited to provide assistance to the United Group for implementing the next phase of their vision at College Station,” Dylan Turek, executive director for Troy Industrial Development Agency said in the release. “The project’s location is at a transition between multiple neighborhoods, along a vital corridor, demonstrates the realization of our plans to radiate growth from our downtown outward to other neighborhoods.
“This phase of City Station promises to be the most ambitious yet, both in its support of our need for new housing in downtown Troy, but as the first major investment in newly constructed class A office space downtown Troy has experienced in decades,” Turek continued. “We’re grateful to Michael and everyone at the United Group for their strong commitment to the continued revitalization of Troy and for their investment towards a stronger local economy.”
City Station North will span 174,599 gross square feet of downtown space along Congress Street and 6th Avenue, the release said.
The four-story building will consist of 87 one- and two-bedroom Class A apartments, 40,000 square feet of Class A office space, 154 gated on-site covered and surface parking spaces and a host of community and building amenities including a rooftop terrace with a fire pit and barbeque grills, energy-efficient smart heating/cooling systems, state of the art fitness center, private balconies with sliding glass doors and high-speed internet in common areas.
With this development, the release said United Group hopes to bring in an influx of daytime activity into the downtown Troy community that will help foster a positive economic impact on the surrounding businesses.
“This project is physical evidence of our commitment to enhancing the “live, work, play” lifestyle in the City of Troy,” Uccellini said in the release. “Troy currently lacks new Class A office spaces and City Station North will be one of the best.”
City Statin North is projected to be completed by November 2025 and will be developed with the help of QPK Design, Colliers Engineering & Design and Franco Construction Services. Upon completion, the release said United Group plans to move its headquarters into the downtown Troy building.
“Reinvesting in our community, bringing neighborhoods back to life, providing new and improved housing options, are all vital to economic growth,” Berkshire Bank’s New York Regional President & Managing Director of Commercial Real Estate, James J Morris IV, said in the release. “As a relationship-driven, community-focused bank, we provide the expertise and tailored solutions to help clients like the United Group bring projects that support revitalization efforts to life.”
The release included a list of these amenities that will be at City Station North II:
The Six at CityStation Apartment Amenities: 62 spacious one-bedroom apartments
25 spacious two-bedroom apartments Nine-foot ceiling heights Luxury plank faux hardwood flooring
Ceramic tile bathrooms with double bowl vanities and linen closet
Elegant kitchens with quartz/natural stone countertops
Breakfast bar Walk-in showers Bedroom carpeting Generous walk-in closets Impressive cabinetry Stainless steel appliances consisting of side-by-side refrigerators with water/ice in door, range, microwave range hood, dishwasher and disposal Washer and dryer Private balcony with sliding glass doors
Energy-efficient smart heating/cooling systems, appliances, ceiling fans and LED lighting
Pet friendly Community Amenities Professional on-site leasing and management
Club lounge room w/ team workspace
Mail and package center
High-speed internet in common areas
State-of-the-art fitness center
Multipurpose aerobics/ yoga room
Rooftop terrace w/fire pit & BBQ grill
Rooftop sky view w/ westerly sunset panoramic
Indoor bicycle storage room
Trash chute on each floor level
Online leasing and payment system
The Station
Open floor plates to be designed specifically to the tenant’s ideal layout High-end finishes About 10,000 GSF of office space, per floor, on four floors Property Amenities Security cameras and controlled access On-site maintenance 154 Gated on-site parking — surface level and covered garage
Electric car charging stations
Elevator access Security system