News of the $10 million Downtown Revitalization Initiative award to the city of Glens Falls was met with great enthusiasm and anticipation by city leaders, developers and stakeholders, all of whom see it as an opportunity to continue improving the health and vitality of downtown Glens Falls and, by extension, the surrounding region.
The city was selected as one of five winners of a $10 million state grant as part of the state’s Downtown Revitalization Initiative in the Capital Region.
The money will be used to revitalize a district that encompasses South Street, from Hudson Avenue to Glen Street; Glen Street, from South Street to Park Street; Park Street; Hudson Avenue, from Elm Street to South Street; Elm Street, from Hudson Avenue to the incubator building; and School Street, from Hudson Avenue to South Street.
While revitalization and rehabilitation will be confined largely to South Street and adjoining streets, the effect will reverberate throughout the city, helping to stimulate the growing economy and attracting people back to the city as employees, residents and visitors, officials said.
“I see this as an excellent opportunity for both the city and the community at large to really escalate redevelopment and revitalization of that whole area in and around South Street,” said Bob Sears, a commercial real estate broker who has been working in and around the Glens Falls region for some 40 years. “The more we can add to the city, the more attractive it will be as a home, a place of work, and a place for dining and entertainment.”
He said commercial real estate in Glens Falls had already begun to evolve over the last several years. Projects on Broad Street and in other areas served as an impetus to pursue the additional grant funding.
“As an emerging destination for business and culture in the Capital Region, downtown Glens Falls has seen remarkable growth in population and economic opportunities,” Gov. Andrew Cuomo said in a statement. “This grant will continue that trajectory by attracting businesses, expanding employment opportunities, and transforming the downtown area into a thriving and inviting urban center. With this funding, Glens Falls will continue to foster its vibrancy and help the region’s development for generations to come.”
Naming the South Street corridor the AWE District–which stands for Arts, Wellness and Entertainment–planning will revolve around the development of mixed-use buildings, enhancing access to arts and entertainment, and creating a surrounding infrastructure that will be a destination for pedestrians and cyclists.
Ed Bartholomew, president of Warren County EDC, who was responsible for preparing the grant application, said he is “most grateful” for the support it received from the state.
Glens Falls competed with 12 other communities for the award. According to Bartholomew, a portion of the grant money will go into a low-interest revolving loan fund that will be used to attract new restaurants and retail businesses to the South Street and surrounding area. As the loans are repaid, they will be recycled back out into the community in the form of new loans to other new or expanding businesses.
“We are also working with SUNY Adirondack to develop a number of courses to be held in the downtown area, as part of our ongoing efforts to diversify and bring young people into the city,” he said.
He said one project may be to expand the existing seasonal farmer’s market into a year-round venue to stimulate foot traffic in the community, while also contributing to fulfill the health and wellness component of the grant program.
Peter Hoffman, president of the development company Glen Street Associates in Glens Falls, said the city has made steady, incremental progress throughout the 15 years he has been involved.
“I feel that the outlay of $10 million will catapult the city to the next level. And, when you consider how private investors will use that money, $10 million dollars, in effect, becomes $30 million for the city in terms of investment, growth and economic expansion. It also means a huge boost in re-construction, rehabbing and the construction of new facilities across the region as well.”
He said one of the criteria for the grant was that the money had to make a significant difference to the city.
He said the city really needed to re-develop previously vacant retail and commercial space in order to meet the needs of the growing population.
“Glens Falls has very close to a quarter-million square feet of downtown space, with 155 apartments in and around the area that are predominantly full,” said Hoffman.
“Good things abound right now in and around Glens Falls,” he added.
Hoffman’s main projects for this year is renovating Smith Flats at 55 Bay St. into apartments and about 2,000 square feet of commercial space. He also finished renovating the former Glens Falls post office at 70 Warren St. into apartments and retail space.
Dr. John Rugge, CEO of Hudson Headwaters Healthcare Providers, one of the largest employers in the region and still growing, said the $10 million award is “awesome for the city of Glens Falls.”
“Like Saratoga several years ago, Glens Falls is really on the cusp of turning its downtown into a spectacular and vibrant destination for people to visit, work and live.”
With plans already in the works to spend $1.4 million in renovating its 90 South St. building, Rugge is excited for Hudson Headwaters to play an integral role in creating what is being called a “health corridor” in the South Street and surrounding area.
Hudson Headwaters plans to eventually occupy the entire building and expand its already existing North Country OB-GYN center, bringing the building up to the stringent standards necessary for a diagnostic and treatment center.
Rugge called Glens Falls the “perfect place and the perfect time” for this type of expansion. It’s like a little seed. You nurture it–in this instance, with the grant monies and private investments–and it continues to grow.”
Tom O’Neill, who has been involved in Glens Falls development for more than 30 years, said “this is an exciting time to be in Glens Falls.”
“With 150 new apartments built in just the last 10 years, and another 90 on tap for this spring that Sonny Bonacio [Bonacio Construction of Saratoga Springs] and the Galesi Group are building, you hear the ‘buzz’ about Glens Falls as you travel throughout the Capital Region.”
He said he is excited that the majority of the grant money will go to the South Street and adjoining areas, saying that area has needed help for a long time and it will only make the city of Glens Falls better.
Priority projects include the multi-story former hotel building at the corner of South and Glen streets, the TD Bank building on Glen Street and a brick building across from Park Theater on Park Street.
Potential cultural and educational projects include a year-round farmers market, facilities for SUNY Adirondack culinary and health care programs and a STEAM (science, technology, engineering, arts and math) museum.