Troy

There's still plenty of work ahead, but already it's easy to imagine sipping a glass of wine as you watch the sun setting over the Hudson River and the lights twinkling on in the city nine stories below.

The late Troy developer John Hedley turned the former Arrow shirt company factory at 433 River St. into a thriving riverfront office building, now known as Hedley Park Place, with technology startups, health firms and even government offices filling the remodeled space.

Hedley, who died in March 2017 after a long career as a car dealer and developer, had seen potential where others hadn't. But it took another developer, Kevin Bette of First Columbia, to imagine turning the rooftop utility area into a 10,000-square-foot banquet and meeting hall with outdoor spaces providing views up and down the Hudson River. The new venue, to be operated by Mazzone Hospitality, will be known as Loft 433.

"Having an outdoor space is really important," Bette said during a late afternoon tour of the space Wednesday. "There are not too many spaces that have indoor and outdoor (spaces). We'll have three fire pits out here," he said as he showed off the deck facing south toward Troy's downtown.

A massive kitchen, a full-service bar that can serve outdoor decks and the main indoor space, a walk-in cooler and a freight elevator all are part of the project. While several weddings and bar mitzvahs already are booked, the space is also designed to attract businesses, with a digital screen occupying a full wall, a tunable LED lighting system that can do "infinite color wall washes" to provide events with a color theme, and other technology amenities.

The bathrooms, meanwhile, will feature floor-to-ceiling private stalls.

Loft 433 can accommodate 240 people for dining, and as many as 350 people for seminars and speaking engagements.

"We'll have our first event on Jan. 11, and our first wedding a week later," said Sean Willcoxon, vice president, catering, for Mazzone Hospitality.

Bette earlier built a Courtyard by Marriott hotel immediately north of the 433 River St. building, on a site previously occupied by Hedley Cadillac Oldsmobile.

"The hotel brought 40,000 new guests to Troy last year," Bette said. "Franklin Plaza did the pioneering work," he added, referring to the banquet facility and hotel established by Michael Cocca two blocks to the south. "They showed you can have events" and draw people to downtown Troy.

Cocca also added a rooftop venue to his banquet hall building, which occupies the former Marine Midland Bank at Franklin Square.

Deborah Mikhitarian-Russell, a partner in First Columbia, doesn't see a lot of overlap with Franklin Plaza.

"It'll be a unique space, different from what they have," she said.

The setting will be more industrial, with sliding factory doors and exposed ceiling elements preserved. The bathrooms will have concrete sinks. And while Mazzone Hospitality is well known for its steaks and classic dishes, Loft 433 will also feature Asian fusion and other more eclectic items.

Bette was mum on what the Loft 433 project will cost. Earlier this autumn, he unveiled the River Street Market, a food hall on Hedley Park Place's main floor. But First Columbia has apartment buildings and at least one parking garage in the planning stages in what is being called the Troy Waterfront District.

The hotel cost $18.7 million, and Bette has estimated his total investment along the riverfront will reach $125 million. And with several downtown apartment projects, a thriving tech sector, and a new marina next door, Bette's expecting the time is right for Loft 433.