{"id":16850,"date":"2015-05-13T20:04:29","date_gmt":"2015-05-14T00:04:29","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2015\/05\/as-construction-of-parking-garage-starts-bonacio-downtown-project-moves-forward.html"},"modified":"2015-05-13T20:04:29","modified_gmt":"2015-05-14T00:04:29","slug":"as-construction-of-parking-garage-starts-bonacio-downtown-project-moves-forward","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2015\/05\/as-construction-of-parking-garage-starts-bonacio-downtown-project-moves-forward\/","title":{"rendered":"As Construction Of Parking Garage Starts, Bonacio Downtown Project Moves Forward"},"content":{"rendered":"
\n
\n\"bonacio\n<\/div>\n
This rendition shows what the new building at 14 Hudson St. in downtown Glens Falls will look like when Bonacio Construction completes the multi-use project. A fall start is anticipated.\n<\/div>\n<\/div>\n

BY BARBARA PINCKNEY<\/p>\n

Bonacio Construction and the Galesi
\nGroup expect to start work on their $25
\nmillion, mixed use project near Glens Falls
\nHospital early in the fall.<\/p>\n

Larry Novik, director of business development
\nfor Bonacio Construction, said
\nthe Saratoga Springs-based developer and
\nRotterdam-based Galesi have completed their
\npurchase of property at 65 Park St. and 53
\nPark St. from the city.<\/p>\n

The city purchased the property, which
\ncurrently is used as a parking lot, from the
\nhospital and sold it to the developers for
\n$200,000, according to a Common Council
\nresolution dated April 15.
\nThe city itself is building a 504-car parking
\ngarage at 50-54 Park St, to serve the hospital
\nand provide parking for the Civic Center,
\nWood Theatre and other attractions and
\nevents. Work on the $6 million project, which
\naccording to the resolution was awarded to
\nLatham-based Bette & Cring LLC, started in
\nearly May. It is being financed, in part, with
\n$3 million from the state awarded through the
\ncompetitive Consolidated Funding process.<\/p>\n

Once the garage is completed–and the
\nhospital’s employees and visitors no longer
\nneed the parking lot–Bonacio and Galesi
\ncan begin work on their project, which they
\nare calling 14 Hudson. Novik said construction
\nshould take a year to 14 months.<\/p>\n

The developers currently are in the process
\nof seeking approval for the project from city
\nplanning and zoning officials.
\n“It is not done yet but it has been going
\nwell, it has been a very smooth process,”
\nNovick said.<\/p>\n

The developers originally had planned for
\na six-story, 150,000 square foot mixed use
\nbuilding facing Hudson Street, but Novik said
\nthose 150,000 square feet will now be spread
\nout over five stories, which will require less
\nof a zoning variance.<\/p>\n

Plans still call for 90 market-rate one-two- and three-bedroom apartments on the
\nupper floors. The first floor will contain about
\n40,000 square-feet of retail space, and the
\nsecond floor will include 9,000 square feet
\nof office space.<\/p>\n

The finished project will be similar to
\nMarket Center, a mixed-use project Bonacio
\nand Galesi built on Railroad Place in Saratoga
\nSprings. Market Center includes a Price
\nChopper Limited small-format grocery store
\nas well other retailers and 124 apartments
\nranging from one to three bedrooms
\nNovik said it is not yet known who will
\noccupy 14 Hudson.<\/p>\n

“We’re working with a lot of exciting potential
\ntenants, but it’s still a little early to
\ntry to lock up those leases since we aren’t
\nfully through the Planning Board process,” he said. “But we expect that within the next
\nfew months will have some announcements.”<\/p>\n

The April 15 Common Council resolution
\nestimates that 55 people will be employed,
\neither full-time or part-time, in the building
\nin the first year it is open. By the third year,
\nabout 100 people–65 full-time, 35 parttime–
\nshould be working there. It hailed
\nthe project as part of an effort to revitalized
\ndowntown.<\/p>\n

It was with this in mind that The Glens
\nFalls Industrial Development Agency in
\nNovember approved a 15 year tax abatement
\nfor the property, instead of the more typical
\n10 year agreement. The full value of improvements
\nwill be exempt from property taxes for
\nthe first 7.5 years. For the next 7.5 years, they
\nwill be taxed at 50 percent of their value.<\/p>\n

Photo Courtesy Adirondack Regional Chamber of Commerce<\/p>\n","protected":false},"excerpt":{"rendered":"

This rendition shows what the new building at 14 Hudson St. in downtown Glens Falls will look like when Bonacio Construction completes the multi-use project. A fall start is anticipated.BY BARBARA PINCKNEY Bonacio Construction and the Galesi Group expect…<\/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":[66,74,91],"yoast_head":"\r\nAs Construction Of Parking Garage Starts, Bonacio Downtown Project Moves Forward - 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\/2015\/05\/as-construction-of-parking-garage-starts-bonacio-downtown-project-moves-forward\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"As Construction Of Parking Garage Starts, Bonacio Downtown Project Moves Forward - Glens Falls Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"This rendition shows what the new building at 14 Hudson St. in downtown Glens Falls will look like when Bonacio Construction completes the multi-use project. 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