Troy

A new deal has been signed to develop the former Marvin-Neitzel Building at 444 River St., Troy Local Development Corp. officials said Wednesday.

The Vecino Group New York LLC will pay TLDC $650,000 for the building, according to the contract. This is an amendment to the land disposition agreement for the property.

The company, operating as 444 River Lofts, will build 75 apartments. The project will include 57 market-rate units and 18 to be leased to households with 90 percent of the area's median income.

In 2014, the median area income for the Albany-Schenectady-Troy Metropolitan Area was $78,300.

The Marvin-Neitzel structure once was home to Troy Waste Manufacturing Co. It is located just south of Troy City Hall at 433 River St. in the Hedley Building.

The TLDC board approved the contract last week.

The redevelopment of 444 River St. is part of the move from the city's manufacturing past to residences in the old factory buildings that line River Street running from downtown north into the North Central neighborhood.