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December 5, 2025NBT Cei-Boulos Impact Fund Celebrates Next Phase of Troy’s Flanigan Square Transformation Project with New Affordable Housing and Central Rock Gym Opening
On Thursday, December 4, the NBT CEI-Boulos Impact Fund, a high-impact commercial real investment fund established by NBT Bank and CEI-Boulos Capital Management, celebrated the latest phase of Troy’s Flanigan Square Transformation Project with a ribbon cutting ceremony for 72 units of affordable and workforce housing and the recently opened Central Rock Gym. The Flanigan Square Transformation Project is an approximately $75 million socially impactful, environmentally conscious, transit-oriented and community-informed master plan being developed in three phases in the city’s underinvested North Central neighborhood.
The ribbon-cutting marks the completion of the second phase of the project, the redevelopment of a historic six-story former textile factory at 547 River Street. The building was converted from office space to create much-needed affordable and workforce housing units. Over half of the 72 units (38 units) will be rent- and income-restricted to be affordable to renters earning less than 80% of Area Median Income. The remaining units will be leased as workforce housing at affordable rates. The Troy Rehabilitation and Improvement Program, a nonprofit housing development and property management firm and chartered member of NeighborWorks America, has been engaged to source income-qualified tenants for the rent-restricted units. Today’s event will include an open house for the new apartment units.
The building also includes 40,512 square feet of commercial space, about half of which is now occupied by the latest location of the community-focused Central Rock Gym. The new facility features approximately 20,000 square feet of climbing terrain as well as youth programming and fitness and yoga classes. The Central Rock Gym’s goal is to help build a strong community through its regular programming as well as member events, competitions, and fundraising events. The company strives to create an experience and atmosphere that are welcoming and accessible to all climbers, regardless of experience or background, and works with leaders in local non-profit organizations that serve underrepresented youth, programming for women, LGBTQ+ climbers, climbers of color, and people with disabilities. The Central Rock Gym also offers sliding-scale pricing for membership based on need. Other commercial tenants at 547 River Street include TSL Kids Crew, a childcare center, and Re-Style, a second-hand clothing store run by Unity House, a not-for-profit Rensselaer County-based human service agency.
The first phase of Flanigan Square Transformation Project consisted of the redevelopment of a historic building at 558 River Street into an innovative, non-profit grocery store, Bargain Grocery, which opened in September 2024. Today’s ribbon-cutting ceremony for the new affordable workforce housing and commercial space marks the realization of the second phase of the project. A third, future phase of the Flanigan Square Transformation Project involves new construction of affordable senior housing.
The NBT CEI-Boulos Impact Fund made an equity investment for a majority ownership stake in the 547 River Street and 558 River Street historic redevelopments.
Flanigan Square is being developed by First Columbia, a well-established, well-respected, community-focused developer with a substantive record of accomplishment, which has been working to redevelop properties situated along the waterfront of downtown Troy since 2006.
“The Flanigan Square Transformation Project reflects the very purpose of the NBT CEI-Boulos Impact Fund, which is investing in projects that strengthen communities and create lasting opportunity,” said NBT Bank Senior Director of Affordable Housing Kimberly Twitchell. “This redevelopment not only delivers much-needed affordable and workforce housing, but also revitalizes a historic property and brings new energy to Troy’s North Central neighborhood.”
“CEI-Boulos Capital Management is dedicated to working with local communities to revitalize neighborhoods that have been overlooked or underinvested through impactful developments like the Flanigan Square Transformation Project,” said Sam Spencer, CEO and Managing Director of CEI-Boulos Capital Management. “We’re thrilled to have reached this milestone with the opening of 72 units of much need affordable and workforce housing units for Troy’s North Central neighborhood. In addition, the project’s commercial tenants, including Central Rock Gym, will attract more visitors, energize both the economic and civic life of the neighborhood, and provide essential services. The NBT CEI-Boulos Impact Fund is proud to be partnering with First Columbia on this truly transformative project.”
“The First Columbia team is grateful for the investment from our partners at CEI-Boulos and NBT Bank into the Flanigan Square Transformation Project. North Central Troy has longed for the day when economic activity and energy have returned to its streets, and that day has arrived.” said Nathaniel Bette, Project Manager at First Columbia. “The combination of real estate uses into this project has activated a key site along Troy’s Hudson Riverfront and laid the foundation for future growth up from Downtown into North Central.”
The Flanigan Square Transformation Project supports Troy’s Downtown Revitalization Initiative to improve the walkability and vibrancy of the city’s Riverwalk area as a “Live, Work, Play” community. The transit-oriented location is centered squarely around two stops on the Central District Transit Authority (“CDTA”) Bus Plus Blue Line and two bike-share stations.
The Flanigan Square Transformation Project is being financed through a public-private partnership, with funding provided on the federal, state, and county levels. Additional financing partners include Empire State New Markets Corporation, Mid-City CDE, the New York State Division of Housing and Community Renewal, Foss & Co., Empire State Development, M&T Bank, and a PILOT agreement with Rensselaer County.
