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The proposed three-story, 37,000-square-foot building -which will be home to 75 well-paying jobs with the potential to double - will also have a bank branch and a drive thru.
The company's headquarters will remain in Albany, but the company's three growing operations presently do not have a home.
The neighborhood is not one of the nicest in the city or the Capital District, but that is one reason the company wants to build there rather than suburban towns like Colonie or Niskayuna.
"We could have placed this anywhere, but we felt we could do the most good here," SEFCU President and CEO Michael Castellana told the City Council at a Finance Committee meeting Thursday.
"Our history is to go into the neighborhood and ask the residents 'what do you want?' What are the social needs of the folks living there and what can we offer."
He said the new building will include a community room and will open its doors to the neighborhood.
The Albany building has a 125-seat auditorium that organizations, like Big Brothers and Big Sisters and St. Anne's, routinely utilize.
The Troy building will also include a public park.
The land is appraised at $390,000, but the City Council will formally give the corporation council permission to enter into negotiations with SEFCU to work out a purchase price.
SEFCU is a non-profit and it does not pay state or federal income tax but will be looking for a Payment in Lieu of Taxes agreement with the city for property taxes.
The council could address it as early as next month or at the January regular meeting.
Joe Nicolla, of Columbia Companies, the same company that is building the Hilton Hotel on Hoosick Street, said the plan is for his company to build the SEFCU building and then SEFCU will take ownership.
He said he and SEFCU picked Troy because it is well known in the development world the city is "open for business."
"Every city in the state of New York would like to have what we are proposing to you tonight," adding SEFCU has a presence from Albany to Buffalo. "This is truly a first class project."
Specifically, what the building will look like is still up in the air since the company does not want to put too much money into engineering work until it knows it has the land. The detailed site plan will be presented to the Planning Board for approval.
Nicolla said if all goes well and the council approves the sale in a timely fashion, SEFCU could break ground in the spring and open its doors a year later.
"This is a very exciting project for the city, and I hope the council approves it (the sale)," said Mayor Harry Tutunjian, adding he hopes to get fair market value for the two-acres.
"I think it is an excellent project. SEFCU is a great community partner and will contribute to the community once they are located here."
