Troy

Construction has begun to transform the former Marvin Neitzel Corp. warehouse at 444 River St. into 444 River Lofts, an apartment building with 74 units. The Missouri-based Vecino Group purchased the building, originally the Troy Waste Manufacturing Co., in 2015, and plans to include a fitness center, individual storage units, and a rooftop terrace with barbecue area and a view of the Hudson River and downtown Troy.

"The City of Troy is experiencing a transformation, with new investments utilizing existing architecture and maximizing assets like the Hudson River waterfront," said Howard Zemsky, president, CEO and commissioner of Empire State Development. "The 444 River Lofts will continue these revitalization efforts, and invite more people to live, work and play in downtown Troy."

Empire State Development is providing a grant worth up to $300,000 for the nearly $19 million project. The Troy Industrial Development Agency and the Troy Local Development Corp. also have provided assistance, including a 30-year payment in lieu of taxes agreement expected to save the developers $4.7 million in property taxes and an additional $500,000 in other taxes.

The TLDC sold the building to Vecino Group, receiving $650,000, according to the contract.

"Troy has all the makings for a total and complete revival," said Rick Manzardo, president of the Vecino Group. "We're excited to be part of the revitalization and confident that residents and retail will help bring additional vibrancy to the area."