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.

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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.

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