Hochul proposes $19M to aid Troy redevelopment

One Monument Square, former site of City Hall

If Governor Kathy Hochul's proposed budget for 2026-27 passes muster in the State Legislature, one particular item should have a major impact on the center of downtown Troy -- at One Monument Square.

One Monument Square is the site of what once was home to City Hall, until the outmoded structure was demolished in 2011. In the ensuing years, a series of plans has been created to redevelop the parcel but each has fallen through for a variety of reasons.

As a result of the budget proposal, Mayor Carmella Mantello today issued the following statement:

“I am pleased to announce that Governor Hochul has allocated $19 million in the 2026-2027 budget for the redevelopment of One Monument Square.

"This site holds an important place in Troy’s history, and this funding will allow us to take a significant step forward in restoring it as a vibrant part of our downtown. The $19 million investment reflects a shared commitment to revitalizing our city, creating new opportunities, and enhancing the quality of life for Troy’s residents.

"We have much work to do, but after years of challenges and multiple proposals, I’m proud that we are finally poised to make real progress on this important project. I want to express my gratitude to Governor Hochul and Assemblyman John McDonald for their support in helping to bring a new vision for One Monument Square closer to reality.”

---

Go here for the Terrace Times events calendar.

---