Troy

Construction on a $23.4 million project to convert the former Troy Record newspaper building into apartments has restarted with BBL of Albany as the new general contractor.

Work on converting the historic, 111-year-old building into 101 apartments and retail space came to a sudden halt last November after the owner and developer of the site, Rosenblum Cos. of Albany, parted ways with Sano-Rubin Construction Services of Albany.

However, on Friday, new fencing had been installed surrounding the entire site, located on Broadway between Fifth and Sixth avenues, and several construction workers from Albany-based BBL could be seen walking in and out of the building.

Although Rosenblum CEO Seth Rosenblum could not immediately be reached for comment on the project's progress, BBL executive vice president Jonathan deForest and other sources confirmed that BBL was the new general contractor.

It is still unclear what caused Rosenblum to seek another contractor for the project, which initially began last summer and had been expected to be completed later this year. The first units should be now available by early spring of 2018. An addition to the existing building will allow for a parking garage, additional retail space, such as for a restaurant, and other amenities such as balconies.

"We retained a construction manager to complete early stage work on the Troy Record building, and as that stage concludes we have made the decision to part ways as we continue with construction," Seth Rosenblum told the Times Union back in December. "The Rosenblum Cos. has an excellent record of bringing transformational development projects to market, and we look forward to doing the same with the Troy Record building apartment project."

The Rensselaer County Industrial Development Agency granted the project a 20-year payment in lieu of taxes agreement that will save Rosenblum Cos. an estimated $8.2 million. The IDA also provided the company $1.1 million in sales tax breaks and a $213,092 mortgage recording tax exemption.

The market rate apartments will lease for between $1,000 and $2,000 a month. The complex will include parking as well as retail space on the ground floor.

lrulison@timesunion.com • 518-454-5504 • @larryrulison