{"id":16067,"date":"2014-12-16T14:38:40","date_gmt":"2014-12-16T19:38:40","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2014\/12\/bonacio-multi-use-project-in-glens-falls-eyed-as-transformative-for-downtown.html"},"modified":"2014-12-16T14:38:40","modified_gmt":"2014-12-16T19:38:40","slug":"bonacio-multi-use-project-in-glens-falls-eyed-as-transformative-for-downtown","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2014\/12\/bonacio-multi-use-project-in-glens-falls-eyed-as-transformative-for-downtown\/","title":{"rendered":"Bonacio Multi-Use Project In Glens Falls Eyed As &#8216;Transformative&#8217; For Downtown"},"content":{"rendered":"<div class=\"img-left\">\n<div>\n<img loading=\"lazy\" decoding=\"async\" alt=\"bonacio project.jpg\" src=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2014\/12\/bonacio20project.jpg\" class=\"aligncenter\" height=\"207\" width=\"300\">\n<\/div>\n<div class=\"img-caption\">This preliminary concept plan shows the site of a multi-use building, upper left, that EDC Warren County President Ed Bartholomew said will help transform downtown\n<\/div>\n<\/div>\n<p>BY BARBARA PINCKNEY<\/p>\n<p>Saratoga Springs-based developer Sonny<br \/>\nBonacio has turned his attention to Glens Falls,<br \/>\nwith a $25 million project that is being called<br \/>\n&#8220;transformative&#8221; for that city&#8217;s downtown.<\/p>\n<p>Bonacio, whose Bonacio Construction is responsible<br \/>\nfor several residential and commercial<br \/>\nprojects in Saratoga, and the Rotterdam-based<br \/>\nGalesi Group have purchased property from Glens<br \/>\nFalls Hospital and will spend the $25 million to<br \/>\nconstruct a six-story, 150,000 square-foot mixeduse<br \/>\nbuilding there.<\/p>\n<p>Plans call for a grocery store, office space and<br \/>\n80 market-rate apartments on the parcel at 14<br \/>\nHudson Ave., east of the hospital. The property<br \/>\ncurrently holds a parking lot.<br \/>\nThe plan also calls for the construction, by the<br \/>\nGlens Falls Industrial Development Authority, of<br \/>\na 500-540-space parking garage on Park Street,<br \/>\nbehind the six-story building. The IDA received<br \/>\n$3 million from the state to support that project which has a total price tag of about $6 million.<\/p>\n<p>&#8220;I would classify this as really a major, transformative<br \/>\ntype of project,&#8221; said Edward Bartholomew,<br \/>\nwho heads the IDA as well as the Economic Development<br \/>\nCorp. of Warren County. &#8220;We are taking<br \/>\na very under-utilized piece of property&#8211;which is<br \/>\noff the tax rolls right now&#8211;placing it back on the<br \/>\ntax rolls and having a mixed-use commercial retail<br \/>\nand residential project go up on that property.&#8221;<\/p>\n<p>The project will not contribute to the tax rolls<br \/>\nimmediately, however. The IDA, on Nov. 13, approved<br \/>\na 15-year tax abatement for the property.<br \/>\nThe full value of improvements will be exempt<br \/>\nfrom property taxes for the first 7.5 years. For<br \/>\nthe next 7.5 years, it will be taxed at 50 percent<br \/>\nof the value.<\/p>\n<p>Larry Novik, director of business development<br \/>\nfor Bonacio Construction, said the project would<br \/>\nnot be possible without the tax abatement.<br \/>\n&#8220;The simple reason being, these buildings cost<br \/>\nthe same whether you build them in Saratoga<br \/>\nSprings or Glens Falls, but the rent structure, the<br \/>\nincome potential, in the building is different just<br \/>\nbecause of the different price points in the city,&#8221; he<br \/>\nsaid. &#8220;Obviously, Glens Falls has a somewhat lower<br \/>\nprice point than Saratoga and we have to try to<br \/>\nmake up that difference to make a viable project.&#8221;<\/p>\n<p>Bonacio and Galesi last teamed up on Market<br \/>\nCenter, a mixed-use project on Railroad Place in<br \/>\nSaratoga Springs. Market Center includes the<br \/>\nPrice Chopper Limited small-format grocery store<br \/>\nas well other retailers and 124 apartments ranging<br \/>\nfrom one to three bedrooms.<\/p>\n<p>Novik said the company is doing its first project<br \/>\nin Glens Falls because it was drawn to the city&#8217;s<br \/>\n&#8220;really nice sense of momentum.&#8221;<br \/>\n&#8220;When you start to see the streetscape get<br \/>\nmore developed and nice businesses moving in<br \/>\nand people walking the downtown and enjoying<br \/>\nthe amenities of downtown it&#8217;s a great feeling,&#8221; he<br \/>\nsaid. &#8220;And we&#8217;d like to be part of that.&#8221;<\/p>\n<p>The first floor of the building&#8211;which at the<br \/>\nmoment is simply being called &#8220;14 Hudson&#8221;&#8211;will<br \/>\ncontain 40,000 square feet of retail space, most<br \/>\nlikely containing a grocery store like Market Center.<br \/>\n&#8220;We do not have a commitment from a supermarket<br \/>\nyet,&#8221; Novik said. &#8220;We are working with a<br \/>\nnumber of potential tenants and entertaining a<br \/>\nfew possibilities for the anchor. We work really<br \/>\nhard to find the right fit that blends well with the<br \/>\nurban environment and our upstairs tenants and<br \/>\nwhat their needs are.&#8221;<\/p>\n<p>The other five floors will each measure about<br \/>\n22,000 square feet. Novik said plans call for<br \/>\nabout half of the second floor to contain office<br \/>\nspace &#8220;and we are somewhat flexible in how that<br \/>\nconfigures.&#8221;<\/p>\n<p>The remainder of the second floor, and the<br \/>\nentirety of the other floors, will provide space for<br \/>\n80 residential units ranging from one to three<br \/>\nbedrooms.<br \/>\nNovik said more than half of the units&#8211;44&#8211;<br \/>\nwill be one-bedroom dwellings. The exact<br \/>\nbreakdown of the remaining units is still being<br \/>\ndetermined, but Novik said at this point the plan<br \/>\nis for 26 two-bedroom and 10 three-bedroom<br \/>\napartments.<\/p>\n<p>The IDA&#8217;s parking structure will be built first, to<br \/>\nensure the needs of Glens Falls Hospital are met<br \/>\nbefore the parking lot at 14 Hudson is removed.<br \/>\nBartholomew said the IDA hopes to break ground<br \/>\nin the later part of this year or early in 2015. He<br \/>\nprojected it would take six to eight months to<br \/>\nbuild the garage.<\/p>\n<p>Novik said Bonacio and Galesi will be ready to<br \/>\nstart their project as soon as the parking garage<br \/>\nis completed next summer.<\/p>\n<p>Bartholomew said the city has been working<br \/>\nwith Bonacio for a while now, trying to find the<br \/>\nright concept for a downtown project.<br \/>\n&#8220;I think we hit on the right formula,&#8221; he said.<br \/>\n&#8220;There are a lot of positive things occurring with<br \/>\nthat project. It will provide jobs and parking, not<br \/>\nonly for the hospital and [the tenants in] the<br \/>\nBonacio-Galesi building, but also for downtown<br \/>\nshopping, restaurants, the Civic Center and the<br \/>\n<a href=\"https:\/\/www.glensfalls.com\/business\/charles-r-wood-theater-5275\/\">Wood Theater<\/a>. Hopefully this development will<br \/>\nlead to subsequent other development projects<br \/>\nin our downtown area.&#8221;<\/p>\n<p>Photo Courtesy Bonacio Construction<\/p>\n","protected":false},"excerpt":{"rendered":"<p> This preliminary concept plan shows the site of a multi-use building, upper left, that EDC Warren County President Ed Bartholomew said will help transform downtown BY BARBARA PINCKNEY Saratoga Springs-based developer Sonny Bonacio has turned his attention to Glens&#8230;<\/p>\n","protected":false},"author":88,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[66,76,91],"class_list":["post-16067","post","type-post","status-publish","format-standard","hentry","category-business-news","tag-business-news","tag-development","tag-glens-falls"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\r\n<title>Bonacio Multi-Use Project In Glens Falls Eyed As &#039;Transformative&#039; For Downtown - Glens Falls Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2014\/12\/bonacio-multi-use-project-in-glens-falls-eyed-as-transformative-for-downtown\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Bonacio Multi-Use Project In Glens Falls Eyed As &#039;Transformative&#039; For Downtown - Glens Falls Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"This preliminary concept plan shows the site of a multi-use building, upper left, that EDC Warren County President Ed Bartholomew said will help transform downtown BY BARBARA PINCKNEY Saratoga Springs-based developer Sonny Bonacio has turned his attention to Glens...\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2014\/12\/bonacio-multi-use-project-in-glens-falls-eyed-as-transformative-for-downtown\/\" \/>\r\n<meta property=\"og:site_name\" content=\"Glens Falls Business Journal\" \/>\r\n<meta property=\"article:published_time\" content=\"2014-12-16T19:38:40+00:00\" \/>\r\n<meta property=\"og:image\" content=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2014\/12\/bonacio20project.jpg\" \/>\r\n<meta name=\"author\" content=\"Amanda Delyser\" \/>\r\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\r\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Amanda Delyser\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\r\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.glensfalls.com\\\/glensfallsbusinessjournal\\\/2014\\\/12\\\/bonacio-multi-use-project-in-glens-falls-eyed-as-transformative-for-downtown\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.glensfalls.com\\\/glensfallsbusinessjournal\\\/2014\\\/12\\\/bonacio-multi-use-project-in-glens-falls-eyed-as-transformative-for-downtown\\\/\"},\"author\":{\"name\":\"Amanda Delyser\",\"@id\":\"https:\\\/\\\/www.glensfalls.com\\\/glensfallsbusinessjournal\\\/#\\\/schema\\\/person\\\/9d7e187e0edba5e188b14052e66c4fc5\"},\"headline\":\"Bonacio Multi-Use Project In Glens Falls Eyed As &#8216;Transformative&#8217; 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