BY BARBARA PINCKNEY
Bonacio Construction and the Galesi
Group expect to start work on their $25
million, mixed use project near Glens Falls
Hospital early in the fall.
Larry Novik, director of business development
for Bonacio Construction, said
the Saratoga Springs-based developer and
Rotterdam-based Galesi have completed their
purchase of property at 65 Park St. and 53
Park St. from the city.
The city purchased the property, which
currently is used as a parking lot, from the
hospital and sold it to the developers for
$200,000, according to a Common Council
resolution dated April 15.
The city itself is building a 504-car parking
garage at 50-54 Park St, to serve the hospital
and provide parking for the Civic Center,
Wood Theatre and other attractions and
events. Work on the $6 million project, which
according to the resolution was awarded to
Latham-based Bette & Cring LLC, started in
early May. It is being financed, in part, with
$3 million from the state awarded through the
competitive Consolidated Funding process.
Once the garage is completed–and the
hospital’s employees and visitors no longer
need the parking lot–Bonacio and Galesi
can begin work on their project, which they
are calling 14 Hudson. Novik said construction
should take a year to 14 months.
The developers currently are in the process
of seeking approval for the project from city
planning and zoning officials.
“It is not done yet but it has been going
well, it has been a very smooth process,”
Novick said.
The developers originally had planned for
a six-story, 150,000 square foot mixed use
building facing Hudson Street, but Novik said
those 150,000 square feet will now be spread
out over five stories, which will require less
of a zoning variance.
Plans still call for 90 market-rate one-two- and three-bedroom apartments on the
upper floors. The first floor will contain about
40,000 square-feet of retail space, and the
second floor will include 9,000 square feet
of office space.
The finished project will be similar to
Market Center, a mixed-use project Bonacio
and Galesi built on Railroad Place in Saratoga
Springs. Market Center includes a Price
Chopper Limited small-format grocery store
as well other retailers and 124 apartments
ranging from one to three bedrooms
Novik said it is not yet known who will
occupy 14 Hudson.
“We’re working with a lot of exciting potential
tenants, but it’s still a little early to
try to lock up those leases since we aren’t
fully through the Planning Board process,” he said. “But we expect that within the next
few months will have some announcements.”
The April 15 Common Council resolution
estimates that 55 people will be employed,
either full-time or part-time, in the building
in the first year it is open. By the third year,
about 100 people–65 full-time, 35 parttime–
should be working there. It hailed
the project as part of an effort to revitalized
downtown.
It was with this in mind that The Glens
Falls Industrial Development Agency in
November approved a 15 year tax abatement
for the property, instead of the more typical
10 year agreement. The full value of improvements
will be exempt from property taxes for
the first 7.5 years. For the next 7.5 years, they
will be taxed at 50 percent of their value.
Photo Courtesy Adirondack Regional Chamber of Commerce