The Waterfront District has officially entered its third phase of the overall redevelopment master planned project. The new phase will consist of the construction of two new apartment buildings and a multi-level parking garage along River Street north of the Green Island Bridge.
First Columbia's first phase was the tenant re-stacking of the Hedley Park Place office property. First Columbia's main focus was to fill the 300,000 sq.ft. office building with a quality tenant mix targeting industries such as; technology firms, government offices, education, professional, healthcare and insurance companies as tenants. As the property started to reach 90% occupancy, First Columbia began the second phase in its Waterfront District redevelopment project. This phase consists of many new amenities added to the District and include; the newly completed Courtyard by Marriott hotel and the soon-to-open River Street Market food hall on the main floor of Hedley Park Place. Mazzone Hospitality plans a 10,000-square-foot event space, tentatively called The Loft at 433, with indoor and outdoor spaces and views of the Hudson River on the 9th floor of the office building. There is also a waterfront brewery coming to set up shop on the first floor, offering a full restaurant and brew pub.
With it's first two phases in place, First Columbia is ready to start the third phase of the redevelopment project and has started working with the City of Troy Planning Dept. on the approval and construction of two new mixed-use apartment buildings and a multi-level parking garage. The first apartment building will consist of about 75 units, will go into the parking lot south of the Hedley Park Place office building at 433 River St., while the second, with about 36 units, will be built on the parking lot between the Flanigan Square office building and the Collar City Bridge. The parking garage structure will sit across from Hedley Park Place and will offer the area much more parking in order to create a welcoming atmosphere to visitors, residents, and business of the Waterfront District.