By Maureen Werther
As Glens Falls and the surrounding region continues to experience growth in the business, educational, industrial and healthcare sectors, it is also balancing new growth with a commitment to rehabilitating and modernizing older existing structures to preserve the region’s history and aesthetic.
Peter Hoffman, his wife and business partner, Suzanne Hoffman, have taken on 17 projects in as many years. Their interest in expanding opportunities in the region and also preserving some of its architectural beauty keeps growing.
“We have been in the commercial market in Glens Falls since 2004, and every year we see more progress,” said Hoffman.
They just completed a $2 million renovation and modernization of the former Glens Falls Post Office on Warren Street, turning it into professional office space. The building was originally erected in 1915 and had been earmarked for demolition. Hoffman said it is an “absolutely amazing” building, adding that he has rehabbed more than a dozen older buildings and “this one is the most amazing building that we have done.”
Work began on the post office in May.Hoffman said it is ready for rental, with several interested potential tenants. He said that he expects there to be about 45 people working there within the next six months, which he calls a “big ripple in a little pond.” An additional influx of business and consumers will make a big difference in the local community.
Hoffman, who owns several commercial properties in Glens Falls and elsewhere, has been involved in numerous commercial development projects throughout the region. He has been more drawn to renovations. Several other developers and construction companies have begun to renovate and repurpose other old buildings in the area.
He said it is gratifying to see some of the younger developers, like Chris Patton, also getting more involved in the rehab side of commercial development with projects like the Ikado building at 264 Glen St. Other younger developers include Chad Nims, who recently began work on the building located at 46-56 South St. When completed, the building will have 18 apartments on the upper floors and commercial space on the ground level.
Other developers who are continuing to develop residential and commercial spaces include Sonny Bonacio, the O’Connor Companies and Tyler Herrick president of Spruce Hospitality Group. Herrick and his partner Zack Moore manage the Queensbury Hotel property are currently building a new Fairfield Inn & Suites at Northway Exit 18, which should be completed by early next year.
Mark Levack, whose company, Levack Realty has been working in commercial and residential real estate for 30 years, said the current marketplace is a combination of small, homespun local companies as well as national and international corporations looking for opportunities to build and expand in the region.
Levack said they have been busy in both the residential and commercial markets. They recently listed 12,000 square feet in the Carey industrial Park.
Levack said the infusion of smaller internet marketing, graphic design and other innovative businesses had a big impact on renovation and leasing of smaller offices spaces, beginning at 500 square feet.
Larger companies, such as Flomatic—a manufacturer of water valves—are investing millions of dollars in expanding their manufacturing facility, creating new job opportunities in the process. In addition to existing companies expanding, new companies are moving to the area, finding niches in the recreation and wellness markets
Levack said that a recent market study showed that 18 deals have been consummated in 2018 in Glens Falls, ranging from sales to leasing of existing buildings and commercial land deals.
Levack said in the last couple of years, the region has begun to see interest from an increasing number of national developers who are interested in constructing high-rise buildings for commercial and mixed use.
“In the next two to three years, we are going to be seeing big national players looking to come into the region,” he said.