New York Construction Report staff writer
Construction has begun on the new John P. Taylor Apartments in the City of Troy, replacing a vacant public housing complex with a new $67 million downtown waterfront development.
The new seven-story mixed-use building will create 141 affordable apartments and ground floor retail space, and replaces two towers demolished in 2022 after having been vacant for more than a decade.
The redevelopment of John P. Taylor Apartments is a priority of the Revitalize Riverside component of Troy’s $10 million Downtown Revitalization Initiative, which was funded by the State in 2021.
Designed to enhance Troy’s south central neighborhood, the strategy is to create commercial space, add new housing, restore Troy’s downtown street grid, and improve the Congress Street Bridge which serves as an important artery to several of the region’s major roadways.
The new building is being developed by Pennrose and will be constructed to meet EPA ENERGY STAR Multifamily New Construction standards and will also seek certification under Enterprise Green Communities PLUS. Also, it will utilize advanced energy efficiency features including all-electric HVAC, increased insulation, and an energy recovery ventilation system.
State financing includes federal low-income housing tax credits that will generate $30 million in equity and $20 million in subsidy from New York State Homes and Community Renewal. The department of state’s downtown revitalization initiative funded $1.6 million.
“The Downtown Revitalization Initiative is a wonderful example of how a site can be repurposed to support a community’s revitalization efforts. The projects identified by the City of Troy are no exception,” said Secretary of State Robert J. Rodriguez said. “I applaud the inclusion of sustainability within the construction of the housing development through the use of energy efficiency features that will benefit families and the community for generations to come.”
