Skip to main content
Enter search terms below…

Member News

Mayor Madden Announces Selection of Bonacio Construction to Redevelop One Monument Square



Mayor Patrick Madden announced that Bonacio Construction has been selected to redevelop the One Monument Square site, the 1.6 acre parcel located at the former City Hall site on River Street. The selected proposal seeks to construct a multi-screen movie theater in partnership with Bow Tie Cinemas to support the continued growth of Troy into an active 18-hour city.

Mayor Patrick Madden said “Following a thorough review and interview process the One Monument Square advisory group agreed to select Bonacio Construction as the preferred developer for One Monument Square. Their proposal to build a nine-screen cinema will strengthen our city’s growing economic resurgence while further boosting Troy as a regional destination in the Capital District. With an estimated 10,000 weekly visitors this exciting project will support our downtown restaurants and small businesses while helping to attract additional investment to our community. We are thrilled to partner with Bonacio Construction and Bow Tie Cinemas on this important redevelopment effort.”

Steven Strichman, Commissioner of Planning and Economic Development, said “Bonacio’s proposed development will restore the site as a hub of economic activity and contribute to the creation of an 18 hour downtown. The proposal is in conjunction with a 10th screen at the nearby American Theater and should be complete in time for the 2018 holiday season. The phased construction will be designed to allow for future expansion of additional commercial or residential floors.”
 
Joseph Masher, Chief Operating Officer of Bow Tie Cinemas and Troy native, said “We have been following the remarkable progress in downtown Troy, and are thrilled to be working with Bonacio Construction and the City of Troy on the concept of bringing a world-class luxury cinema operation to the Collar City. The project will be the first of its kind in the area, with reserved luxury electric recliner seating and full in-theater dining and beverage options.”

Larry Novik, Director of Business Development at Bonacio Construction, said “We appreciate the efforts of the Advisory Committee and the Mayor and are excited to get to work on bringing a luxury theater to downtown Troy. Through our previous projects with Bow Tie, we know first-hand, the excitement and activity that they bring to a downtown core, and how successfully that energy meshes with downtown residents, restaurants and retailers.”

Russ Brooks, owner of River King Development and review committee member, said “As a member of the review team, I was pleased with the process and the opportunity it afforded us to discuss the proposals in detail and ask appropriate questions. I feel, as did the rest of the team, that use of this site for a theater will be a great benefit for downtown and all of Troy.”

Tobi Saulnier, CEO and founder of First Playable and review committee member, said “Bowtie’s Theater at Monument Square will provide a new and exciting entertainment amenity that benefits our employees and residents, helps businesses attract talented staff and elevates Troy’s renaissance to a new level.”
 
Matthew Ammerman, co-founder and Global Client and Partner CTO at Apprenda and review committee member, said "Monument Square is a central point in Troy. We felt that the best use of the space is two-fold – give Troy residents a place to regularly congregate and utilize the riverfront as they always have, and give folks from surrounding areas another reason to come downtown and enjoy Troy: dinner and a movie with Troy's distinct flair."

In the coming weeks, the city will work with Bonacio Construction to negotiate a Land Development Agreement for approval by the City Council, outlining the terms of the transfer, which include a sale price, process for approvals, and scheduled public hearings. It is anticipated that this will come before the City Council Planning Committee in April, and that the Planning Commission will review the Site Plan in May and June, with construction anticipated to begin in late fall 2017.

Albany based accounting and advisory firm Teal, Becker & Chiaramonte, CPAs, P.C. (TBC) has announced the promotion of two audit managers to partners. Joining the ranks of partner are Michael D. Cesternino, CPA and Ryan McEvoy, CPA. Both partners will be directly responsible for client account management in their new roles. Cesternino joined…
This year's Annual Golf Classic was a great day of clubs, carts and connections at The Country Club of Troy. Thank you to everyone who supported this Chamber event.  Congratulations to these winners: Winning Foursome of Low Gross: Matt Clake, Chris Burke, John Millet and Frank Fazio Winning Foursome of Low Net: Michael Fusco, Jim Cusack, Jeff…
Several individuals have been recognized in this year’s annual promotions by being elevated from positions of staff accountant to senior accountant, senior accountants to supervisors, and supervisor to manager. In addition to the Teal, Becker & Chiaramonte, CPAS, P.C. (TBC) accountant promotions, Katie Farrow, formerly the marketing manager,…
Aug
17
Nonprofit members are encouraged to attend and learn how to leverage your Chamber membership to receive maximum exposure.   The Chamber staff will review…
12 - 1 p.m.
Aug
23
Get connected, develop leads and build relationships at our one-of-a-kind, fast-paced networking event! These luncheons are a fun and effective way to…
11:30 a.m. Check-in & Lunch; 12 - 1:15 p.m. Networking
Sep
12
Designed to help individuals new to WordpPress environment learn how to maintain an existing Wordpress site from content to publishing. This course…
8 - 8:30 a.m. Check-in & Refreshments; 8:30 - 10:30 a.m. Training Session