Glens Falls Business Journal

Foothills Builders Will Start Construction Of A 24-Unit Apartment Complex This Year

October 17, 2022

This is a rendering of the 24-unit apartment complex Foothills Builders is planning to build near Northway Exit 18 in Queensbury. The project includes some retail space.
Courtesy Foothills Builders

By Susan Elise Campbell

Foothills Builders will begin construction of a 24-unit apartment complex with retail space near Northway Exit 18 in Queensbury this fall .

“We are finishing up our construction drawings now and hope to frame up the building before winter,” said Joe Leuci, who has operated the company with his father, Joe Leuci Sr., for the past 10 years. “This project at 80 Main St. is a new challenge for us.”

The Leucis purchased the land in December 2021 with the intention of developing it for mixed use, he said.

Foothills Builders is primarily a residential construction company and has built 100 homes in the area and has developed and managed some smaller commercial projects.

“The corridor is being developed for that type of construction because it connects the highway with downtown Queensbury,” said Leuci.

He said properties must be developed for mixed use if they are within a certain distance from Main Street.

“The commercial space follows Main Street zoning regulations,” said Leuci. “We will be able to subdivide to do more local shops to suit the tenants. Based on preliminary discussions with potential businesses, the space will fill up quickly,” he added.

Glens Falls Planning Board Approval Allows Development On South Street To Proceed

October 17, 2022October 17, 2022

This is a rendering of the Elm Street and South Street area being redeveloped by SpringCity Development Group. It will include much-needed apartment units.
Courtesy SpringCity Development

By R.J. DeLuke

The Glens Falls Planning Board approved the architectural site plan for the $30 million overhaul of South Street.

The board’s action took place Oct. 4.

The plan being carried out by SpringCity Development Group, a subsidiary of Bonacio Construction in Saratoga Springs, calls for renovating three vacant buildings while adding a five-story apartment complex.

It is all part of a major, long-envisioned rehabilitation of that part of downtown. The city received a $10 million Downtown Revitalization Initiative grant from the state in 2016 to push the project along.

Larry Novik, business development director for Bonacio Construction and SpringCity, said the first phase will take about 12 months. The company is working with Glens Falls Farmers’ Market Association to make sure market vendors are not disturbed in either the summer of 2023 or 2024 by the construction.

Approximately 90 apartments will be built, something economic development officials fee is vital to the area. Also, nearly 14,000 square feet of commercial space at the corner of South and Elm streets will be built.

Business Report: Area Housing Market On Strong Footing

October 17, 2022

Steven Luttman, broker/owner of SJ Lincoln Realty, host of The Expected Returns podcast.

By Steven Luttman

Former Speaker of the House Tip O’Neil made famous the phrase “All politics is local”. The meaning being that while problems exist on a national level, at the end of the day voters care most about issues close to home.

I would make the argument that real estate, much like politics, is predominantly a local matter. Do country-wide trends matter? Certainly yes. Monitoring data like the monthly Case-Shiller Home Price Index will provide good insight into the overall health of housing.

Does it accurately reflect what’s currently happening in your neighborhood? Oftentimes not at all. Predicting the future of local housing markets can be more art than science. If you don’t believe me, ask Zillow.

The real estate platform lost hundreds of millions of dollars last year due to its iBuyer algorithm overpricing offers made to sellers. As of the writing of this article, publicly traded shares of Zillow Group (ZG) were down 52 percent year to date, vastly underperforming the S&P 500 (SPY) as a whole by roughly half over the same period. Computers are great, but boots on the ground still count for something.

What we do know is that taking a long-term viewpoint, the Capital Region housing market is on sound footing. Our two largest employers (healthcare and local / state government) represent sectors unlikely to see a contraction in staffing, regardless of external economic events. While negative net migration in the state is concerning, this is overwhelmingly a downstate problem.

Home Prices In New York State Rise Again, According To Realtors Association Data

October 17, 2022

During August, the Southern Adirondack real estate market saw increased prices and lower levels of inventory compared to August 2021, with homes spending less time on the market and selling above list price.

“Our market’s trend of higher prices and fewer listings continued in August,” said Densay Sengsoulavong, CEO of the Southern Adirondack Realtors that includes Washington and Warren counties.

“While some experts believe price growth may moderate in the months ahead, the Southern Adirondack region is still showing signs of strong demand with high prices and quick sales. Unless we see a spike in inventory or a drop in demand, we’re likely to see a continued seller’s market pushing prices higher for the foreseeable future.”

New listings in the region decreased 13.1 percent in August compared to last year, from 633 to 550. The inventory of homes for sale dropped 31.6 percent, from 1,423 to 974, and pending sales decreased 3.3 percent, from 511 to 494. Closed sales were down 11.4 percent, from 537 to 476. Sellers received 102.2 percent of their list price in August, compared to 101.6 percent in August 2021.

The median sales price increased 6 percent, from $320,900 to $340,000. Homes spent an average of 19 days on the market last month, compared to 29 days in August last year. The months supply of inventory decreased 20 percent, from 3 to 2.4.

Southern Adirondack Realtors Inc. represents over 500 Realtors and real estate industry professionals in New York’s Southern Adirondack region. For more information, visit southernadkrealtors.org.

Business Report: Technology, Outsourcing Help

October 17, 2022

Mark Shaw, president and CEO of Stored Technology Solutions Inc. (StoredTech).

By Mark Shaw

The economy is bumpy, but technology and outsourcing can make it smoother.

The first thing we all do during uncertain economic times is look for ways to save money and get the most bang for our buck. Just like with anything else, we can seek savings and efficiencies with technology.

All business owners have grown dramatically more dependent on technology to run their businesses, manage their information, and support their remote and onsite workforces. When considering your in-house IT staff, or in many cases what we often call the one-man band, you uncover lack of skills in one area or another. One small team does not possess the knowledge and skills about every aspect of the vastly rapid changing IT world.

Think about the laundry list of items that your in-house IT staff needs to be familiar with to provide daily support for your business. Your IT, telecommunications and security needs go on and on, but below are a few of the items needed to have expertise in:

Brookfield Renewable U.S. Opens Office In Queensbury To Better Serve The Region

October 17, 2022

A ribbon cutting was held at Brookfield Renewable’s new facility in Queensbury.
Courtesy Brookfield Renewable

By Paul Post

New York City-based Brookfield Renewable U.S. has moved 50 well-paying jobs from Marlborough, Mass. to Queensbury, where it can better manage power stations across the country including several hydro plants in the surrounding area.

The company’s new national control center, a multi-million dollar investment, opened in late summer at 399 Big Bay Road where a regional office with 35 jobs had already been operating.

Brookfield owns, operates and develops hydro, wind, solar and battery storage facilities that produce more than 7,500 megawatts in the U.S. In New York alone it generates about 900 megawatts, providing enough electricity for 440,000 homes.

Local holdings include Hudson River hydro stations at Spier Falls Dame (56 MW), Sherman Island Dam (38 MW), Glens Falls (12 MW) and Feeder Dam (5W). It also has hydro stations at Stewart’s Dam in Hadley (39 MW) and in Schaghticoke (16 MW), Schuylerville (2 MW) and Johnsonville (2 MW).

“Having the control center in the same location as staff working at our original office on Big Bay Road will enable us to integrate national system control center employees into a regional office with other personnel and duties,” said Anthony Zarrella, National System Control Center senior director.

M&M Digital Printing Moves To More Spacious Location As The Business Grows

October 17, 2022

Matt Flint Jr., M&M Digital Printing operations manager, and Andrew Shelton, press operator, prepare architectural wide-format prints. Their service area stretches from Albany to Plattsburgh.

By Paul Post

In response to rapid growth, 10-year-old M&M Digital Printing has moved to a spacious new location, giving the firm three times more room to work with.

The business was previously housed in the Seeley Office Systems building, 95 Broad St. in Glens Falls, and began operating out of the former Community, Work & Independence building on Upper Glen St., Queensbury, on Aug. 26.

“At the old location we were packed in like sardines, on top of each other,” said Matt Flint Sr., company owner-founder. “We only had 950 square feet. Here we definitely have room to grow. There’s more space and it makes the work flow easier. Buying capability also opens up because we have more warehouse space. At the old location we could only stock so much paper, which means we had to pay more for smaller volumes. Now we can buy larger volumes, so that brings the cost down.”

A former Web Graphics production manager, Flint launched out on his own after tiring of the corporate world. He and his son, Matt Flint Jr., the operations manager, are two of the firm’s four employees.

M&M’s small size and state-of-the-art equipment gives it the flexibility to turn jobs around quickly, which has fueled unprecedented sales.

Business Report: Employers Deal With ‘Quietly Quitting’

October 17, 2022

Rose Miller, SPHR, area HR thought leader, speaker, writer.

By Rose Miller

There is a term floating around the TikTok work circles. I like to follow TikTok’s workplace trends discussions because I get to hear what employees are talking about. Similar to the way restaurateurs follow Yelp, some employers follow social media such as TikTok, Reddit, and Twitter to hear what the work force is saying about their employers and their work environments.

There is a phrase called “quietly quitting” and it is catching on quickly.

What I found as a surprising discovery was that the term doesn’t mean they are actually leaving their jobs. Instead, they have decided not to take their jobs too seriously. Young professionals are stating they reject the idea of going above and beyond in their careers. The idea is to stay at the company but focus time on things they do outside of work. They have decided to pass on promotions, pay and titles.

They are setting some firm boundaries like refusing to work overtime. They insist on leaving right at five. Others advertise the fact that they will only do enough to get by. Unlike their senior managers, they don’t want their careers to be confused with personal identifies.

Remember these are young professionals and it’s not uncommon for younger employees to, at first, refuse to climb the corporate ladder, only to end up changing their minds later. Gaining a mortgage, spouse and children can change perspectives and priorities in a drastic way.

I’m a ‘70s girl and I can remember my generation saying not to trust anyone over 40 years old. It was a time when young people were “anti-establishment” only to become the establishment later in their lives.

Warrensburg Dealership Is Part Of AgPack Program That Give Farmers Special Benefits

October 17, 2022

The idea of farmers helping farmers find a return on their truck investment resulted in the creation of AgPack. Seven years later, AgPack benefits to farmers and growers could quickly add up to nearly $30,000 in real operational savings, say those in the program.

Krystal Chrysler Dodge Jeep Ram (CDJR) at 3940 Main St., Warrensburg, recently completed the stringent requirements to become a local Certified Agriculture Dealership making them eligible to offer AgPack to their farm and grower customers.

AgPack is a collaboration of agricultural companies who, collectively, organized a specialized package of discounts and rebates on things producers have to buy anyway.

The process calls for a farmer to purchase or lease a qualifying farm truck or SUV from a Certified Agriculture Dealerships. In doing so, they have to verify their agricultural enterprise with the dealer. Once the dealer has notified AgPack, the farmer or rancher will be contacted by an AgPack representative within a week to begin redemptions

“Believe it, or not, AgPack is free with the purchase or lease of a qualifying new, or pre-owned, farm truck, or SUV, from a Certified Agriculture Dealership,” said Pat Driscoll, CEO of Certified Agriculture Dealers/AgPack. “Plus, AgPack can be stacked on top of any incentive, rebate, fleet or VIP program the local dealer can offer.”

“More than anything, farmers and ranchers want—need—the most durable vehicle money can buy,” added Driscoll. “We know because we’re ranchers and farmers, too. And that’s what we want. Our focus is to make sure our agriculture family gets an honest to goodness return on their truck investment.”

Businesses Can Participate In Free Online Cybersecurity Summit Run By U.S. SBA

October 17, 2022

The U.S. Small Business Administration (SBA) announced that it will host a free, virtual National Cyber Summit on Oct. 26 to help introduce American small businesses to tools, tips, and resources to bolster their cybersecurity infrastructure in addition to exploring new trends and challenges entrepreneurs are increasingly facing.

“America’s small businesses are pivoting to digital technologies and online strategies at historic rates to reach new customers and improve operational efficiencies, but that pivot has also exposed them to significant new threats from cyberattacks,” said SBA Administrator Isabella Casillas Guzman.

“Our SBA team has mobilized to support them against these potentially disruptive threats with cybersecurity resources and trainings across our resource partner networks, as well as through our recently launched Small Business Digital Alliance. Launching the SBA’s first cybersecurity summit will help us build on that work and ensure America’s 33 million small businesses and innovative startups can pivot safely online and grow resilient businesses.”

“As our small businesses pivot more and more into cyber space to expand their market, we want to insure that they connect effectively and safely,” said SBA Regional Administrator Marlene Cintron. “This is a timely and responsive effort for businesses trying to regain and improve market share.”

“We are energized to bring actual solutions to the table for America’s small businesses, which continue to inspire us all with hope and resilience,” said SBA Associate Administrator of the Office of Entrepreneurial Development Mark Madrid.

The summit comes on the heels of the recently announced awardees for the SBA’s new pilot program created to help emerging small businesses steel themselves against cyberattacks.