TMS announces study

Downtown, riverfront development focus of project

For the Troy Daily News

TROY — A study vital to the growth of downtown Troy and the riverfront area was initiated Dec. 1 with a consortium of Troy stakeholders, along with consulting firm MKSK.

Troy Main Street is leading the study, while other investors include The Troy Foundation, Paul G. Duke Foundation, Troy Development Council, City of Troy, and individual contributors who have an interest in the development of downtown Troy. This study was a recommended next step coming out of the recent America’s Best Communities initiative.

“This is an exciting time for downtown Troy and our beautiful riverfront resources,” said Troy Main Street Executive Director, John Wilson. “We have secured the funds necessary for this comprehensive study through grants and stakeholders in our city, all of whom desire to see a well-crafted, action-oriented, strategic investment plan for downtown and the riverfront development area.”

MKSK is a Columbus-based firm specializing in landscape architecture, planning and urban design. Some of their accomplishments include an award-winning downtown strategic plan for Riverscape Phase III, Dayton, OH; the “Imagine Charleston” plan, Charleston WV; many projects in Columbus; and various other successful city projects throughout the region.

The firm will conduct an inclusive study that will yield a strategic development plan for Troy. The plan will help connect current initiatives and centers of energy as well as identify complementary focus areas to unlock development possibilities. Areas of development include downtown Troy, the riverfront area, and areas between downtown and Treasure Island.

“There will be an early phase of this study that will involve stakeholder interviews and input from community members,” Wilson noted. “MKSK needs this information to accurately assess potential growth, so the community will be invited to participate.”

Further information about community participation events will be released by Troy Main Street as the dates are confirmed.

The MKSK analysis will take six to eight months, and will include: housing and retail recommendations; market and trade area definition; demographics, consumer preferences, competition, natural and man-made boundaries; demand analysis and market segmentation; demand for different development products; population and employment change; household income and spending analysis.

Recreation and tourism studies will assess future and unmet demand for riverfront activities, bikeways, parks, public spaces, entertainment and events opportunities.

Supply analysis will uncover market metrics, including achievable rents, lease rates, and sale prices; absorption and achievable velocities of development; and achievable amounts of development.

Also, MKSK will provide Troy with valuable data assessing our location in the region; connectivity (trails, highways); land use; open space; parking; topography; watercourses; utilities; and many other physical attributes to identify development prospects for our city.

For more information about the MKSK study or questions about downtown Troy, contact Troy Main Street at 339-5455.

Downtown, riverfront development focus of project