Liberty Property Trust, a real estate investment trust based inMalvern, PA,and with an office in Southfield, has created aproposed mixed-usedevelopment proposal for the City of Troy.Thecompany's study results call for a 100,000-sfconvention/conferencecenter, a 200-room hotel, a 5,000 seatperforming arts center and a 150,000-sf office building.Totaldevelopment costs would be about $141 million, with the citypayingabout 27% of the cost, and the rest coming from privateinvestment.

Kevin Shea, Liberty regional vice president, told GlobeSt.comthat the City askedthem to do the preliminary report as a way offinding out what to do withproperty next to the Troy Civic Centerdevelopment, where the old Troy HighSchool was located.”Theproposal, especially the price, is just something we put togetherforthe City. It's still all talk. As the size of the componentsgrow andshrink, so will the price,” he says.Shea guessed the pricecould go down as much as 50%, depending onwhat the City decides itwants on the property. City officials met Wednesday nightto discussthe project.

Liberty considered itself the master developer in the study, andalso listedother members of the team. The convention centerdeveloper would be AcquestRealty Advisors, the architects would beRossetti Architects, and the mastergeneral contractor would be theJ.M. Olson Co. Shea says the hotel andperforming arts centerdeveloper slots were not filled yet.