The City of Troy may soon see a major transformation of its waterfront, thanks largely to John Hedley's ambitious endeavors to revitalize the area.

In 1990, Hedley, who owned a Cadillac car dealership, spent $1.5 million for the old Cluett Peabody shirt manufacturing plant overlooking the Hudson River. Hedley transformed the plant into a 300,000 square-foot office building that is now 90 percent leased, which appropriately boasted the name Hedley Park Place.

Last summer, First Columbia LLC, a major commercial development company from Latham, bought Hedley Park Place and Flanigan Square (another office building that Hedley renovated on River Street), along with Hedley's Cadillac dealership for $18.8 million. The firm then hired Saratoga Associates to sketch out a vision for roughly 70-acre slice of the riverfront that stretches from the Green Island Bridge north of Jay Street to Federal Street and from Seventh Avenue to the Hudson River.

First Columbia, which owns about 10 acres within the boundaries and leases numerous parking lots, christened the area "The Hedley District," and is planning to construct new offices, a hotel/conference center, retail shops, a movie theater, graduate student housing and a riverfront promenade. The firm envisions it as transforming several neighborhoods, including North Central, Columbus Square and Downtown.

One of the first steps, according to First Columbia President Kevin Bette, is to build a 1,000-car parking garage to consolidate existing parking and free up other lots for development. The next step is to construct a seven-story, 120-room hotel and conference center between Hedley Park Place and the Collar City Bridge. Two parks will also be added, one at the end of Jacob Street near the marina and one near where the former Cadillac dealership now stands.

The Hedley District is currently one of the most underutilized areas in Troy, yet is ideally located, with 60,000 cars coming across the Collar City Bridge daily and 30,000 coming across the Green Island Bridge. Portions of the development would be near these bridges.

First Columbia's commitment to carrying out the plan is one reason Hedley sold his two buildings. While Troy has had a steady stream of developers promising the moon and sky, Hedley thinks First Columbia can pull it off.

"When you are of that size and you have the wherewithal and the equipment and people in house already, these things can happen," Hedley told the Rensselaer Building Conservation/Historic Preservation Program. "To put up one or two buildings is one thing but I couldn't do a 25-block area. I'm just a used car salesman."

Mayor Harry Tutunjian said the city will work with First Columbia and would consider extending Industrial Development Agency assistance.

To view the plans for the Hedley District click here.

Newsletter Issue

• Ecopolitics Monthly --- July 2007