What has been a dilapidated, muddy parking lot in Troy for years, known as One Monument Square, will be getting a facelift.

Plans announced Wednesday by city officials detail a multi-screen Bow Tie Cinemas movie theater on the 1.6-acre property.

“It will create a climate of investment that will create more similar businesses, the very thing that Troy is known for," said Troy Mayor Patrick Madden. 

The announcement comes just less than a year after another developer backed out of a $27 million project on the site, saying the city took too long approving plans and neglected to inform them of water and sewer transmission lines running through the property.

“We learned a lot about the site from the past interaction; we learned what the limitations are, what the possibilities are," said Madden. 

Tim Taney, owner of restaurant Sliding Dirty, which is not far from the crumbling site, says this new project will continue to make troy a place to go.

“In Troy, we already have the ValleyCats and the music hall, so this will just add to make Troy a destination for entertainment in the area," said Taney. 

Madden says the city’s goal is to continue to become an 18-hour city, one that has more happening beyond 9 to 5. After an agreement is approved by the city council, construction could begin as early as this fall.

“It will help us advance what we are and make the city more vibrant and bigger then what we are," said Madden.