FOR IMMEDIATE RELEASE Contact: Jeff Pirro Deputy Director of Public Information (518) 279-7131

TROY CITY CENTER LLC PROPOSAL CHOSEN FOR MONUMENT SQUARE Milestone reached in transformative economic development effort

(Troy, NY – May 24, 2011) Troy Mayor Harry Tutunjian today unveiled the winning development team and design concept for the redevelopment of the former City Hall site on historic Monument Square and the Troy waterfront. The Mayor was joined by representatives of the two groups that put together the winning proposal: Christopher Cirillo, Vice President of The Richman Group Development Corporation, and John Nigro, President of Nigro Companies, Inc. The $31.5 million project emphasizes two of the most important aspects of redevelopment: enhancing physical and visual access to the City’s waterfront, and promoting the aesthetics and walkable nature of Troy’s historic downtown. The design proposes to have a piazza acting as a pedestrian extension of Broadway and terraced grand entrance to Riverfront Park, which is undergoing its own multimillion dollar transformation. This piazza will be framed by two buildings that complement the historic Rice and Cannon buildings in height, construction, and sidewalk frontage, while adding new, high-end retail and residential space. “It is a rare opportunity to be able to transform the very character of a city and its downtown. Today, we are unveiling a vision that embraces Troy’s pedestrian friendly personality, evokes our historic architecture, and quite literally looks toward the waterfront as the future of economic development,” said Mayor Harry Tutunjian. Tutunjian continued, “Through careful planning, public input, and cross-sector collaboration, I’m proud to announce that one of the region’s most transformative waterfront economic development projects has reached a new milestone.” Richman’s Christopher Cirillo said, “The Richman Group is very pleased to be partnering with Nigro Companies to design and build Troy City Center. Richman sees great potential in downtown Troy, and we are grateful to have the opportunity to work with Mayor Tutunjian, City Council, and the community to create this spectacular new waterfront destination.” John Nigro, President of Nigro Companies, said, “Nigro Companies is very excited about the opportunity to develop this project in historic downtown Troy with The Richman Group and in cooperation with Mayor Tutunjian and Troy city government. As an Albany-based firm, we are thrilled to be involved in one of the area’s most significant public-private partnerships.” Today’s announcement is the culmination of a redevelopment process that began in 2007 when Mayor Tutunjian announced his intention to revitalize the waterfront using the site where the former Troy City Hall was located in Monument Square.

The redevelopment project will be partially funded using a combination of state grants totaling $2.2 million with a $2 million match by the City. It is projected to create approximately 290 new jobs across several industries. The two buildings combined are anticipated to house 15,000 square feet of retail space, over 100 new apartments, and over 140 parking spaces. In addition, this development will open 27,000 square feet of public open space via the piazza and terraces welcoming visitors to Troy’s waterfront and the downtown commercial district. Upon completion, this project will return a keystone property back to the tax rolls, providing millions of dollars in revenue from property and sales taxes. In early 2011, a Request for Qualifications for the redevelopment of the Monument Square site was issued. Three developers submitted qualifications: Troy City Center LLC (helmed by The Richman Development Group Corporation in conjunction with The Nigro Companies Inc.), Columbia Development LLC, and Judge Development LLC. The City subsequently received viable proposals from all three and an internal review committee comprised of all relevant municipal departments performed an exhaustive evaluation. The proposals were judged on a series of criteria including: quality of proposal and development approach; quality of design and creativity; quality of development team; project experience including urban waterfront development; ability to finance the project and complete within a timely manner; demonstrated success on public-private partnerships; commitment to stated goals and objectives as determined by public meetings; and, references. The proposed design must be reviewed and formally accepted by the Troy City Council.

###

PROJECT FACTS* Cost of project: $31.5 million Proposed purchase price: $1 million Number of jobs created: 290 Number of parking spots created: 148 Number of apartments created: 106 Square footage of restaurant space: 5,000 Square footage of retail space: 10,040 Square footage of public space: 27,000 Size of Monument Square site: 2.1 Acres *all numbers based on design concept submission; numbers subject to change. TROY CITY CENTER LLC Bio for Christopher Cirillo: Christopher Cirillo is a Vice President with The Richman Group Development Corporation. Mr. Cirillo oversees Richman’s development projects in New York City and Yonkers. His portfolio includes five projects currently in construction with a total of 424 apartments and several additional projects in pre-development. Mr.

Cirillo assembles and manages design/consultant teams for each project. He works closely with Richman’s general contractors from construction start through building completion. Mr. Cirillo also evaluates new development opportunities in the New York metro area. Prior to joining The Richman Group Development Corporation, Mr. Cirillo held several positions at the NYC Department of Housing Preservation & Development. Mr. Cirillo was Assistant Commissioner for Neighborhood Planning where he led a twenty-person planning staff. As Director of Large Scale Development at HPD, he oversaw the agency’s multi-family new construction programs and several large urban renewal projects. Bio for John Nigro: John J. Nigro is President of Nigro Companies, a commercial real estate development and management company based in Albany, New York. Mr. Nigro was born and brought up in the food business. His grandfather founded a small grocery store in downtown Albany in 1927 that eventually grew to the 15-store Albany Public Markets chain. After the supermarkets were sold in 1967, Mr. Nigro remained as company Vice President and then took on the role of President. In 1974, he began a career in the real estate business which was eventually to become Nigro Companies. Today the company owns and manages many commercial properties throughout northeastern New York and Massachusetts, specializing in retail shopping centers. Nigro Companies has developed local properties including The Shoppes at Greenbush Commons in North and East Greenbush, Rensselaer County Plaza in East Greenbush, University Plaza in Albany, Price Rite in Queensbury, and the Hannaford Plazas in Albany, Rotterdam, and Saratoga. Mr. Nigro’s company also developed Bethlehem Town Center in Glenmont which includes a Wal-Mart Supercenter and a Lowe’s Home Improvement Store. Also, Nigro Companies acquired, expanded and redeveloped the Shops of Malta in Saratoga County and Gateway Plaza in Ogdensburg, both anchored by a Price Chopper Supermarket. SUMMARIES: Nigro Companies For three generations, the Nigro family has developed, financed, constructed, and managed a wide range of commercial properties. Today, Nigro Companies owns and manages many commercial properties throughout northeastern New York, specializing in shopping centers, office buildings, and warehousing. With a proven reputation for quality and strong roots in the region, Nigro Companies offers the experience to ensure the success of a commercial project. Richman Group: The Richman Group of Companies is the 8th largest apartment owner in the United States according to a 2009 report from the National Multi-Housing Council. The Richman Group Development Corporation, with its affiliates, is one of the leading developers of market-rate and affordable housing in the country, having directly developed almost 16,000 units and maintaining an ownership interest through its affiliates in over 90,000 units. The Richman Group Affordable Housing Corporation provides asset management services to more than 90 public, private, and institutional investment funds. Richman Property Services, Inc., has on-the-ground experience that comes from managing nearly 100 properties with over 13,000 apartments.

HISTORY OF THE MONUMENT SQUARE PROJECT: The redevelopment process began in 2007 when Mayor Tutunjian announced his intention to redevelop One Monument Square, which formerly housed Troy City Hall. Later that year, the administration determined that the City Hall building was in such a state of disrepair that making the structure code compliant and free from any health and safety concerns would constitute a complete reconstruction of the building at a cost of $2.7 million according to a City Council study. It was further determined that moving the operations to a new location and demolishing the structure would be more cost effective than reconstruction of the existing site. In September 2007, at a special meeting the City Council unanimously approved a resolution authorizing the Mayor to submit a Request for Funding Proposal with the Empire State Development Corporation under the “Restore NY Communities Initiative” for the demolition of the former City Hall in Monument Square. Several months later, in January 2008, the City was notified it had been awarded $921,000 for “demolition, site infrastructure development, and associated engineering or technical costs” as a result of that application. The grant funding was subsequently accepted by the City Council. At a special meeting held in August 2008, the City Council passed an ordinance authorizing the Mayor to enter into an agreement for the lease of the building at 1776 Sixth Avenue for use as an “interim City Hall”. Consequently, in December 2009 the City of Troy relocated its municipal operations from Monument Square to its currently Sixth Ave in preparation for the demolition of the former City Hall. Also in August 2008, the City was awarded another state grant for $2.2 million to apply towards costs associated with the redevelopment of Monument Square once the former City Hall was torn down. As part of the grant disbursement agreement, the City was required to hire a consultant to guide a series of public meetings. A contract was awarded to Sasaki Associates who led a comprehensive community engagement process via a series of three highly publicized meetings that solicited public input regarding their vision for this site. They also created a set of development guidelines for the site. In late 2010, the City issued a Request for Qualifications for the redevelopment of the Monument Square site. Three developers submitted statements. After staff review and interviews with each of the respondents, a decision was made to request all three respondents submit proposals. The City subsequently received viable proposals from all three and an internal review committee comprised of all relevant municipal departments performed an exhaustive evaluation. The proposals were judged on a series of criteria. Based on this process, the committee recommended The Richman Group of Companies.

###