JEFF BUELL TACKLES BLIGHTED DOWNTOWN TROY BUILDING

On May 10, Troy natives Jeff Buell, 33, and Chris Colwell, 29, were approved to purchase and rehab 9 First Street for $10,000 from the Troy Local Development Corporation. The four-story, 8,100 square-foot brownstone and iron front building is located immediately adjacent to the Rice Building. It has been vacant since 1996.

For Immediate Release

Contact: Contact: Jeff Buell 518-944-8674, [email protected]

Jeff Buell Tackles Blighted Downtown Troy Building

Long-vacant 9 First St. to become lofts and retail as “The Bindery”

TROY, N.Y. (05/20/13) — Another large dilapidated building in downtown Troy will be undergoing rehabilitation this summer.

Wm. Young Bookseller - 9 First St Troy, NYOn May 10, Troy natives Jeff Buell, 33, and Chris Colwell, 29, were approved to purchase and rehab 9 First Street for $10,000 from the Troy Local Development Corporation.

The four-story, 8,100 square-foot brownstone and iron front building is located immediately adjacent to the Rice Building. It has been vacant since 1996.

“Troy is growing organically,” said Buell, a former United Group of Companies executive. “Big development and new construction are refilling the gaps in our city blocks, while independent entrepreneurs are giving everything they’ve got to rehab our historic buildings. That’s what gives the place its unique heart that we all love — personal blood, sweat and tears. I want to build a development company constantly in search of being amazing. This is a great jumping off point.”

The building at 9 First Street is currently under the stewardship of Troy Local Development Corporation (TLDC), a community improvement nonprofit that provides financial assistance for construction, acquisition and rehabilitation projects in the city.

In the next couple of weeks, Buell and Colwell will finalize their development agreement with TLDC. Once all terms are accepted, the partners will enter a two-year development agreement.

“This is another great example of saving our history while developing a fresh and unique future,” said Mayor Lou Rosamilia. “The energy we have in our area and the motivation to develop right here in Troy is something I couldn’t be happier about. Troy is something to celebrate and more and more people are reminded of that when they realize projects like this are going on.”

Buell and his newly formed GSD Contracting are looking to raise $500,000 from investors to rehabilitate the building into street-level retail/restaurant space and single-floor 1,800 square-foot lofts. The building will be called “The Bindery,” in honor of its original use as a bookbindery and store owned by William H. Young.

The team will begin clean out and gut rehabilitation in the next month. The building is structurally sound, though the staircases and upper floors need to be rebuilt.

GSD has been working with Vic Christopher and Heather LaVine on the rehabilitation of “The Clark House,” one block over at 207 Broadway in Troy.

STEMMING THE BRAIN DRAIN

“So many talented college students leave this city in search of jobs — the ‘brain drain’,” said Colwell, a recent MBA graduate of Rensselaer Polytechnic Institute. “I think they should stay here and be the ones creating jobs themselves. That’s what we went to school here to learn to do, and that’s what we’re doing with The Bindery.”

PUBLICITY PHOTOS

For a history of the building by Don Rittner, information and photographs of 9 First Street and of Buell and Colwell, visit: http://9FirstStreet.com

For information about the Troy Local Development Corporation, visit:

http://troyny.gov/Departments/EconomicDevelopment/TroyTLDC.aspx

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