Hedley Park Place Centennial Event Celebrates Century of Innovation & Unveils Future Plans for Troy

Site Work on the 132 Room, 5 Story Hotel Marks Second Phase of the “Waterfront District” Redevelopment Project

TROY, N.Y. (12/7/2017) — All it takes is one good idea to change a neighborhood, a city, and even beyond. One idea had by housewife, Hannah Montangue, tired of cleaning her husband’s shirt collars in 1820, led to an invention that revolutionized the city of Troy, NY and eventually led to its’ namesake, “the collar city.” A little more than hundred years ago, the Cluett Peabody & Company opened its doors to one the largest manufacturing plants in the country and today, known as Hedley Park Place, is one of Troy’s largest centers of commerce, housing numerous tenants alongside The City’s thriving mix of high-tech companies, educational institutions, culinary pioneers, and more. Together, driving the continued “urban renaissance”, which is something to celebrate.

On Thursday, December 7th, First Columbia, a diversified real estate and investment organization, hosted Hedley Park Place’s 100th birthday. The Centennial Event paid tribute to The Building, the late John Hedley, and the last century of improvement and technological advancements that have taken place in Troy, NY. The night was highlighted by speeches from Kevin Bette, President & CEO First Columbia, Abraham Sultan, Co-Founder and Vice President of Engineering at Apprenda, and John G. Waite FAIA, President, John G. Waite Associates, Architects PLLC as well as live music from RPI’s symphonic band. The event also unveiled further plans from First Columbia; including the debut of The Waterfront, a community concept that will include a mix of prime office space, retail and eatery/ restaurant offerings, residential units, ample parking, and a riverside promenade extending over 800 feet of Hudson River frontage.

“First Columbia is honored to be the current owner of the magnificent Hedley Building and continue the massive undertaking of redeveloping the largest private building in the City of Troy,” said developer Kevin Bette, President & CEO of First Columbia. “While we relish and learn much from the incredible 100 years of history continued within these walls, we are focused on leaving a legacy for the next 100 years.” The riverfront concept started eleven years ago, when First Columbia commissioned the “Hedley Waterfront Redevelopment Plan” in 2006. The plan included revitalizing approximately 25 city blocks neighboring Hedley Park Place and Flanigan Square properties, which First Columbia owns and manages, and has since evolved into the $120 million dollar, The Waterfront.

The Waterfront’s ground-breaking commenced in September when site work on the 132-room, 5-story Courtyard by Marriott began just north of Hedley Park Place on River Street. “I think currently it [Troy, NY] is not being leveraged to its fullest potential and there is room for significant improvement,” states Abraham Sultan, Co-Founder and Vice President of Engineering of Apprenda. “Knowing a bit of the plans of what the future developments look like is really exciting. Not many areas have the prestigious location of a reviving town right on the waterfront so coming together with a cohesive plan that ties in the improvements that are underway with other developments happening in other parts of the city is a great vision that I hope is realized in the near future.”

Innovation is the force that propels us. Whether it was a century ago, today, or years to come— the success of this City, and any city, is dependent on people, companies, and ideas to keep it moving in a positive direction. “The Cluett, Peabody & Co. Inc. had a huge impact on Troy. Not only driving the nickname, “the Collar City,” but the continued innovation that came after that,” said, City Historian, Kathy Sheehan. “The Arrow Man ads created by J. C. Leyendecker are internationally famous as is Sanforization; the process of pre-shrinking fabric invented by Sanford Cluett. His invention revolutionized the clothing industry,” continued Sheehan. “John Hedley saw that. While others just saw empty factories as a blight on the landscape, John envisioned a new Troy that embraced these wonderful 19th and early 20th century buildings, keeping the facades intact and adaptively re-using the interiors for business and residential purposes.”

Planning for the next anticipated phase of The Waterfront is happening now. Bette said, “We should have some exciting plans to announce after the new year.”

For more information regarding available office or retail space at Hedley Park Place, please contact Victoria Harris marketing director First Columbia, at (518) 213-1009 or vharris@firstcolumbia.com

Woven into the fabric of one of the nation’s most historic and beautiful downtowns, First Columbia has commenced construction on this waterfront redevelopment along a half-mile stretch of the Hudson River. The highly-anticipated mix of projects will offer prime office space, retail, entertainment, residential units, parking, and a hotel. The master plan will have a lasting impact by reconnecting the city with its valuable waterfront assets and injecting it with commercial and social activity; positing Troy once again as the premier urban destination in the Capital District.

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.

Contact: Victoria Harris, marketing director First Columbia, at (518) 213-1009 or vharris@firstcolumbia.com