Foss & Company Joins First Columbia Development in Flanigan Square Historic Preservation Project
TROY, NY – March 20, 2024 – Foss & Company, a leading institutional fund sponsor, is thrilled to announce its role in the historic preservation of 547 and 558 River Street in Troy, NY, through the Flanigan Square Transformation Project. Spearheaded by First Columbia Development, this initiative aims to revitalize the area and address critical community needs.
558 River Street, once a dormant structure, is undergoing a transformative redevelopment into a grocery store master leased to Bargain Grocery, a not-for-profit organization focusing on addressing food deserts.
Simultaneously, 547 River Street is set to become a vibrant community hub, featuring 72 apartments and 37,916 square feet of commercial space. In line with the project’s commitment to community development, 37 of the apartments will have rents capped at 80% of the Area Median Income to provide living space for the local Troy workforce in a market where rates have continued to rise.
“We are excited to be part of the Flanigan Square project, contributing to the revitalization of Troy, NY,” said John Sorel, Acquisitions Agent at Foss & Company. “This project exemplifies the power of historic preservation to not only breathe new life into iconic structures but also to address critical community needs.”
The commercial space within 547 River Street is poised to become a dynamic mix of businesses. Central Rock Gym, a well-established operator of climbing gyms, has signed a 12-year lease for 18,933 square feet, Negotiations for additional space are ongoing with other local organizations, showcasing the diverse and community-focused businesses that Flanigan Square aims to attract.
“First Columbia is grateful to its partners like Foss & Company who are instrumental in bringing a project like this to life,” said Nathaniel Bette, Project Director for the developer. “Delivering this mixed-use project required the use of a very complicated capital stack structure, and we thank Foss and the other members of our financing team for being creative and adaptable in order to create a transformative development to North Central Troy.”
Foss & Company remains committed to fostering community development through impactful historic preservation projects like Flanigan Square. This initiative stands as a testament to the power of public-private partnerships in revitalizing historic landmarks and addressing pressing community needs.
About Foss & Company
Founded in 1983, Foss & Company is a national tax equity investor and fund sponsor that has deployed over $8 billion in tax equity on behalf of insurance, banking, and other large corporate clients into historic rehabilitation projects, renewable energy and advanced energy production facilities. Foss & Company is a full-service advisor with proven expertise in helping our partners navigate the world of tax equity investments. For additional information, visit www.fossandco.com.
