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Capital Region Economic Development Council, United Group, and Rensselaer Polytechnic Institute Celebrate City Station Progress in Downtown Troy

(August 30, 2012)

Capital Region Economic Development Council, United Group, and Rensselaer Polytechnic Institute Celebrate City Station Progress in Downtown Troy

The Capital Region Economic Development Council (CREDC), the United Group of Companies, Inc., and Rensselaer Polytechnic Institute today held a ribbon cutting to celebrate the completion of Phase II of the City Station mixed-use development project and mark the start of Phase III. The United Group has signed a contract to officially move forward with this third phase of construction on its Rensselaer Polytechnic Institute off-campus graduate student housing complex on the strength of a $2.5 million award through Governor Andrew M. Cuomo’s Regional Council initiative.

A total of six phases are expected for the project. To date, United Group has invested $25 million in remaking the Congress Street Corridor. Phase III, City Station East, will cost nearly $18 million. This is a priority project for the CREDC, further connecting the Rensselaer Polytechnic Institute campus and Historic downtown Troy, revitalizing the neighborhood, and creating hundreds of construction jobs as well as new graduate student housing and retail space in the City of Troy.

“One year after Governor Cuomo launched the Regional Council initiative, we are pleased to see hundreds of job creating projects move forward across the state,” said Lieutenant Governor Robert Duffy. “Here in the Capital Region, the progress on City Station as it moves from Phase II to Phase III this fall, demonstrates that this community based approach to economic development is, in fact, providing for the tools and collaboration needed to reinvigorate our neighborhoods and spur future growth in our regions.”

“This project illustrates the importance of collaboration among the business, government and academic sectors to improve the local economy and generate jobs,” said Rensselaer Polytechnic Institute President and Capital Region Economic Development Council co-chair Dr. Shirley Ann Jackson. “The City of Troy, Rensselaer County, the State under Governor Cuomo’s leadership, the United Group, and Rensselaer Polytechnic Institute all have contributed to bring this project to life. Today, we particularly honor the vision and dedication of our alumnus and friend, Walter Uccellini ’69, whose legacy will live on in this and so many other projects in our community and across the region.”

The second phase of the City Station project, which opened for occupancy on August 15, consists of 54 units for Rensselaer graduate students with families. The third phase of the project, located across the street, will provide for 157 additional beds for graduate student housing, a 250-car parking structure, recreational park space, and 13,000 square feet of additional retail space. Funding awarded through the Regional Council initiative will support the construction of the parking deck and new green space areas, which is expected to begin this fall and be completed by the summer of 2013.

“This project is transformative for the City of Troy, and a sign that urban redevelopment is possible and beneficial,” said United Group President & CEO Michael Uccellini. “We are very appreciative of Governor Cuomo’s vision, and thankful for this key piece of funding. Leveraging public dollars with significant private investment is a winning combination for everyone.”

Last year, a total of $785 million was awarded through the Consolidated Funding Application (CFA) for job creation and community development projects consistent with each region’s strategic plans. The Capital Region was awarded $62.7 million in state support through the Regional Economic Development Council initiative and CFA process for some 88 projects across the region. As part of that process, $2.5 million in funding was awarded to the United Group from Empire State Development.

“This priority project will have a direct and meaningful impact on the downtown area of Troy,” said ESD President, CEO & Commissioner Kenneth Adams. “Funding provided through the Governor’s Regional Council initiative will allow United Group to move forward with this third phase of construction, bringing with it additional housing and retail opportunity along this busy corridor. We are pleased that through this process, we are forming partnerships that are leveraging critical tax payer dollars and producing real results today.”

“There is no better example of a successful public–private partnership locally than the City Station project,” said Senator Roy McDonald. “As a voting member of Governor Cuomo’s Capital Region Economic Development Council, I am confident that this collaboration between historic Troy and a premier academic institution such as RPI—coupled with support from both the state and private enterprise—will serve as a sustainable model for positive growth throughout our area and beyond.”

“This is an exciting project and it’s changing the landscape of Troy in a dramatic and significant manner,” said Assemblyman Ron Canestrari.

“This project has already had a positive impact on this community as jobs have been created, businesses started, and more potential shoppers for the downtown Troy businesses have moved in. I want to congratulate all of the partners of this project who have helped bring this economic boost and further connect RPI to Downtown Troy,” said Rensselaer County Executive Kathleen M. Jimino.

“This is another tremendous milestone in the City Station Project and continues the unprecedented progress on this key corridor to Downtown Troy. This collaborative effort between Governor Cuomo’s Capital Region Economic Development Council, RPI, the United Group, and the City of Troy is breathing new life into this area,” said Troy Mayor Lou Rosamilia.. “This is a terrific example of a public/private partnership that will create jobs, generate revenue, and bring more people into our historic community. We are working together to change the landscape of our City, and I thank all the people and organizations involved with moving the City Station Project – and the City of Troy – in an exciting and positive direction.”

To learn more about each regional council and their economic development plans, visit www.regionalcouncils.ny.gov.

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