For Immediate Release
Contact: Jeffrey Buell, 518-944-8674 (cell)
TROY, N.Y. (6/26/14) — Sequence Development is holding an open house this Friday at 4 p.m. at 9 First Street as the project is nearing completion. As part of the celebration it will announce its first floor tenant — a nationally acclaimed outfit opening its first restaurant in an historic rehabbed building in downtown Troy.
Sequence will host a brief ceremony to announce the first floor restaurant tenant for its historic renovation. It will also provide tours of the reconstruction efforts on the upper floors that began last fall. The future restaurant tenant will be present for the ceremony and will serve food during Troy Night Out.
“This redevelopment has been a labor of love for all of us involved,” said Jeffrey Buell, 34, founder of Sequence Development. “There is no finality associated with a building like this, our completion is just the next chapter. It has stood proud for 150 years, and we are thrilled to be opening the doors Friday night to an important piece of Troy’s history.”
Following a brief ceremony, all four floors of 9 First Street will be open for a “sneak peak” viewing and walkthrough.
ABOUT 9 FIRST STREET
Built in 1864 as Wm. Young’s bookstore and bindery, the four-story, 6,100 square-foot brownstone and cast iron front building is located immediately south of the Rice Building. It has been vacant since 1996 when Code Enforcement shuttered it due to unsafe conditions.
Last year Sequence Development agreed to purchase it for $10,000 from the Troy Local Development Corporation (TLDC), a community improvement nonprofit that provides financial assistance for construction, acquisition and rehabilitation projects in the city. Sequence has become the first company to complete a project with the LDC using a License to Develop Agreement where the building is not sold until proof of financing.
“Everyone that looked at this building prior to our purchase deemed it too far gone or not worth the effort,” said Buell. “We rejected that concept and want to challenge people to think differently. The urban cores of our cities are what grew this country. It is history that cannot be replaced. Just because a building is covered in dust, falling apart at the seams, and collapsed upon itself doesn’t mean it can’t be saved. It just requires hard work, creative thinking, and a willingness to go the extra mile.”
GSD Contracting, the construction arm of Sequence Development, is responsible for the reconstruction efforts. The restaurant space, which features exposed brick walls, wooden beams and an original 39-foot structural steel arch that was uncovered by work crews while gutting the building.
The third and fourth floors include a pair of 1350 square-foot, two story duplex apartments featuring: exposed brick and beams; quartz countertops; recessed lighting; washer and dryer; energy efficient forced hot air with central air cooling; and impressive views looking east and west. Both apartments are pre-leased with one tenant moving in next week and the other in August. Rent is $1750 per month. The second floor is a loft-style flex space that is also pre-leased and expected to be occupied by August.
The upper floors feature 18 custom-built, eight-foot-tall wooden windows, exposed brick and ductwork, tin ceilings, and custom trim.
“These are not cookie cutter spaces, we really paid attention to every detail and worked to enhance the historic features we uncovered,” said Elizabeth Young Jojo, Chief Operating Officer of Sequence Development. “These are larger units than what’s typically being built in Troy.”
Fit-up costs for the restaurant will be $250,000. When completed, Sequence will have invested more than $600,000 total in construction and rehab.
“The addition of 9 First Street to a growing list of successfully rehabilitated buildings in the heart of downtown is wonderful news for the City of Troy,” said Mayor Lou Rosamilia. “Not only is the project helping the City to meet the demands for new retail and residential units, but it is doing so in a manner that preserves Troy’s historic charm and encourages even more redevelopment in the area.”
Sequence Development is also in the process of rehabbing a block of three buildings across from 9 First Street on the corner of First and State streets (16 First Street). Those units are available for pre-lease now and can be viewed during Friday’s open house and will be available for rent this fall. The total project cost is $2.4 million.
Other Sequence Development projects include: 1 Monument Square (construction of two new mixed-use buildings); new student housing developments for Hudson Valley Community College in Troy, and the redevelopment of 160,000 square feet of space for Clarkson University in Potsdam, N.Y. The company expects to announce two other efforts in the coming weeks.
“We are positioning ourselves as a young development company that takes on historic rehabs, mixed use developments,” said Young. “We love small cities.”
ABOUT SEQUENCE DEVELOPMENT
Sequence Development was formed in 2012 as a commercial real estate development firm with an atypical perspective. Sequence approaches each project it undertakes with a focus that is not on the single building, but on its place in the larger community. With a primary emphasis on historic rehabilitations and mixed-use residential buildings, Sequence understands the importance of even a small project in positive place making and its potential impact on larger economic development initiatives.
Sequence Development is headed by Jeff Buell, CEO, and Elizabeth Young Jojo, who joined the company in May as chief operating officer.
For information, call 518-336-0145 or visit: http://sequencedevelopment.com
PHOTO OP/PUBLICITY IMAGES
Photographers may make arrangements to photograph 9 First Street in advance of Friday’s Sneak Preview Open House and Ceremony.
To download historic images of 9 First Street, visit: http://DuncanCrary.com/clients/Sequence.html
Contact: Jeffrey Buell, 518-944-8674 (cell)