The Arts Center of the Capital Region Announces Next Stage Of Development Of Vacant Upper Floors; RFP Issued For Hospitality Partners
(Troy, NY) The Arts Center of the Capital Region announces the next stage in the development of its vacant floors, with a new RFP for Hospitality Partners. ACCR owns six contiguous buildings in downtown Troy. ACCR's current operations are limited to the basement and the two floors, leaving the upper two floors, and 26,623 square feet of space, available for development.
"We are seeking qualified partners to help us develop a boutique hotel." says CEO Elizabeth Reiss. "We have worked on trying to find the right use and the right fit for the space for years. As we have honed in on our best potential, downtown Troy has continued to prosper, making the timing right to take our idea to the next level."
ACCR is open to a spectrum of partnerships, from co-development to co-management, and is open to a range of corporate ownership and profit sharing models. Further, ACCR is open to partnering with other hotels or developments currently underway in Troy to maximize potential synergies. "We are willing to consider any type of partnership, as long as we can continue to own properties, which we feel is in the best interest of the Arts Center itself," continues Reiss.
ACCR's plans to develop a hotel stem from its call for project proposals in 2017, Since then, ACCR has met with community leaders, elected officials, business owners and others to access the need and impact of the project. Additionally, TAP, Inc, based in Troy, and a long-time planning partner of the Arts Center, helped determine the viability of the project by designing potential floor plans of the space.
In meeting with civic leaders, ACCR has developed a concept for a boutique hotel that would attract overnight guests who may want to take special classes at the Arts Center, or participate in special activities for small groups, or enjoy the walkable downtown and boutiques and restaurants.
The Arts Center has been serving the region for over fifty years, and it was twenty years ago that it opened on River Street. On the occasion of its twentieth anniversary on River Street, the Arts Center believes now is the time to expand from being open 12 hours a day to 24.
The RFP, floor plans and images of the property can be found at
Proposals are due October 31, 2019.
The Arts Center of the Capital Region
265 River St
Troy, NY 12180
(518) 273-0552 x 228