The Rosenblum Companies, in the midst of converting the old Troy Record building at 501 Broadway into a $23 million mixed-use apartment complex, is mulling a “prospective development project” somewhere on Fourth St. in Troy, according to two proposals it recently submitted to acquire city-owned lots.
The real-estate developer submitted $500 bids for 86 Ferry St., a vacant lot, and 163 Fourth St., a dilapidated structure. It expects to spend an estimated $70,000 demolishing the structure and paving the lots for “private parking related to” the potential Fourth St. project.
“We are always exploring potential development opportunities and strongly believe in Troy but it is too early to discuss any potential new projects in the city,” a spokesman for Rosenblum Cos. said in a statement. “We look forward to opening The News Apartments, which will transform the historic Troy Record building into 101 modern apartment units and retail space.”
Rosenblum’s bids must be approved by the city council finance committee on Nov. 29 before garnering a second approval from the full council.
The two subject parcels nearly surround two contiguous parcels—88 Ferry St. and 161 Fourth St.—that, along with a parking lot across the street (153-157 Fourth St.), host the Troy branch of Capitaland Taxi Corp., co-owned by Eric and Bret Peek. The latter Peek did not immediately return a phone call or email.
One prominent prospect for a Fourth St. project would appear to be the former KeyBank at 130 Fourth St., which has been closed since last year. A realtor associated with the property did not immediately return a message.
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