Developer First Columbia Planning Hedley Building Penthouse Addition, 9th Floor Glass Conference Center
Troy Industrial Development Agency Board Approves Three “Hedley District” Projects
TROY, N.Y. (9/26/16) — One of the tallest and most prominent buildings in the Troy skyline could get a restaurant with 100-mile views in the near future once a mixed-use addition is complete.
First Columbia announced plans today to construct an additional 9th floor penthouse on the Hedley Building at 433 River St., an historic 1917 factory that once housed the Cluett Peabody shirt manufacturing company. The riverside building and its signature red smokestack are iconic. The project is expected to cost $3.2 million.
“We have the best view of the Capital Region from our rooftop and we can’t wait to open it to the public,” said First Columbia President & CEO Kevin Bette. “There’s a hundred mile view looking down the Hudson River all the way to the Catskill
Mountains, with a great vantage of both the Troy and Albany downtowns. You can look at it all day in all seasons and it never gets old.”
The addition will include a 20,000 square-foot window-lined enclosure with a 6,000 square-foot outdoor rooftop terrace. Bette said at this stage the exact mixture of uses for the space has yet to be finalized. Plans include a conference center, which can accommodate tenants of the Hedley Building as well as the city’s collages, government and nonprofits with a beautiful 100-person meeting room appointed with dramatic finishes and the latest communication technology. The conference center is also expected to tie-in with First Columbia’s 124-room Marriot Hotel, which will break ground next spring on the river just north of the Hedley building.
“This is a rare space unlike any other in the region, with many potential opportunities. It’s not every day a rooftop area goes on the market,” Bette said. “We would love to include a rooftop restaurant in the mix, if we find a good tenant for the space. We expect quite a few restauranteurs will be eager for the chance to operate up here with this incredible view.”
Bette stressed that at this point, the exact programming for the additional ninth floor is still to be determined and that anyone interested in leasing space on the ninth floor or anywhere in the Hedley Building should contact Patricia McGrath at (518) 213-1088 or firstname.lastname@example.org
The penthouse addition will be a crowning achievement in the company’s ongoing, multi-year $10 million investment to renovate and reactivate the 272,759 square-foot Hedley Building as well as the nearby Flanigan Square building. Though New York State vacated about 136,000 square feet of space in the Hedley Building in its 2012 “re-stacking” initiative, First Columbia has recruited a diverse tenant mixture of education, healthcare, Fortune 500, high tech, professional companies and government offices that currently occupy 95 percent of the building.
“This building is filling up fast,” said Deborah Mikhitarian, partner at First Columbia. “People really want to be in downtown Troy and this rooftop addition will help us keep pace with the demand for quality space in the city.”
Mikhitarian said the 9th floor addition could include a “green” office with backup power generation and stunning views if a suitable tenant requests it. Currently, before the additional floor is constructed, there is about 10,000 square feet of available office space remaining in the Hedley building along with 10,000 square feet of available retail space on River Street.
TROY INDUSTRIAL DEVELOPMENT AGENCY BOARD OKS THREE HEDLEY DISTRICT PROJECTS
On Friday, the Troy Industrial Development Agency (TIDA) Board of Directors met and approved three inter-related projects by First Columbia including: the 9th floor addition to the Hedley Building; a new $19 million hotel and a conference space in the Hedley District; and renovations to Flanigan Square, located at 547 River Street.
“Through these agreements the IDA has made possible a significant investment by First Columbia which further expands Troy’s successful Downtown revitalization into Troy’s North Central Neighborhood,” said TIDA member and City Council Representative Dean Bodnar.
“HEDLEY DISTRICT” PLANS MOVING FORWARD
In 2006, First Columbia commissioned a Hedley Waterfront Redevelopment Plan to redevelop roughly 25 city blocks surrounding its Hedley Park Place and Flanigan Square properties. That vision has evolved into a $100 million dollar “Hedley District” that when completed will include prime office space, retail, mixed use, residential units, parking, hotel, and a riverside promenade stretching over 800 feet of Hudson River frontage.
ABOUT FIRST COLUMBIA
First Columbia is a diversified real estate/investment organization committed to planning, developing, and operating high quality facilities. Its projects include corporate buildings, office campuses, medical complexes, senior housing, hospitality, and high-tech facilities.