{"id":38046,"date":"2025-02-25T17:55:52","date_gmt":"2025-02-25T22:55:52","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?p=38046"},"modified":"2025-02-25T17:55:52","modified_gmt":"2025-02-25T22:55:52","slug":"historic-buildings-on-south-street-in-glens-falls-are-in-midst-of-revitalization","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2025\/02\/historic-buildings-on-south-street-in-glens-falls-are-in-midst-of-revitalization\/","title":{"rendered":"Historic Buildings On South Street In Glens Falls Are In Midst Of Revitalization"},"content":{"rendered":"
\"\"
When completed next year, the South Street Apartments and Market Square buildings will provide residential and commercial space in downtown Glens Falls.
Rendering by SWBR<\/figcaption><\/figure>\n

By Rod Bacon<\/p>\n

South Street in Glens Falls is undergoing a significant revitalization, and Saratoga Springs-based Bonacio Construction, Inc. is at the forefront of the effort.<\/p>\n

Construction is underway on what the company is calling the Market Square project, which is the revitalization of the buildings at 41 and 45 South Street and 36 Elm Street. Forty-one South Street is the former Sandy\u2019s Clam Bar and 45 South Street is the former Hotshots building. Thirty-six Elm Street is a three-story warehouse known as the \u201cincubator\u201d building.\u00a0<\/span><\/p>\n

\u201cThis is a historical renovation project so we\u2019re keeping a lot of the historical significance of those buildings,\u201d said Director of Project Development Amber Mathias.<\/p>\n

She noted that all the buildings qualify for historic tax credits so the company is working closely with the State Historic Preservation Offices (SHPO) and the National Park Service (NPS) to ensure compliance with all regulations. Bonacio Construction was approved for two of the three stages of the process, according to Mathias. Upon completion of the project an application is submitted for the final stage to confirm all work was done correctly.<\/p>\n

<\/span><\/span><\/strong><\/span>Crews have completed demolition and are currently working on interior framing.<\/p>\n

\u201cEach of the buildings will have commercial units on the first floor and residential units on the upper two floors,\u201d said Mathias. \u201cThere will be a total of 18 residential units and three commercial units upon completion. We\u2019ve targeted the end of the year for that\u201d<\/p>\n

She noted that the City of Glens Falls has master-leased the first floor of 36 Elm Street and is working on their conceptual plans separate from Bonacio. She said the end product will likely tie into the city pavilion that is next door. The pavilion hosts the farmer\u2019s market and other events throughout the year.<\/p>\n

According to Mathias, the Bonacio organization purchased the building that housed Sandy\u2019s Clam Bar about four years ago because they identified it as a potential site they\u2019d be interested in developing and they knew there were future plans to improve the area.\u00a0<\/span><\/p>\n

\u201cThat was something we wanted to be part of,\u201d she said. \u201cAbout two years ago the Request For Proposals (RFP) came out. We were, I think, one of three or four applicants and we were chosen as the developer of those sites. It\u2019s going to make such a huge difference along South Street.\u201d<\/p>\n

The second phase is called the South Street Apartments, a New York State Homes and Community Renewal (HCR) project. Mathias said they hope to close on that by the end of March and break ground within a month. The 72,717-square-foot building will be sited on the former farmer\u2019s market parking lot and offer affordable housing in 70 residential units. There will also be one commercial space that has already been spoken for by Adirondack Community College. Bonacio has planned an 18-month construction schedule so completion will be in the summer of 2026.\u00a0<\/span><\/p>\n

\u201cThese projects have been in our pipeline for two or three years and we\u2019re excited to finally be moving ahead with them,\u201d she said.<\/p>\n

The commercial spaces and residential units in both Market Square and South Street Apartments will be managed by Bonacio Management.\u00a0<\/span><\/p>\n

\u201cThere is nothing for sale in those buildings, just rentals,\u201d said Mathias.<\/p>\n

Financing for the $9.2 million Market Square project was provided by Arrow Bank. Financing for South Street Apartments, which is estimated to cost $25 million, was provided by two banks because it\u2019s an HCR project. Construction financing was provided by NBT Bank and permanent\u00a0 <\/span>financing was provided by M&T Bank.<\/p>\n

This is not Bonacio\u2019s first foray into Warren County. They have renovated a building at 14 Hudson Street in Glens Falls as well as one at 170 Kerry Road in Queensbury. Adirondack Radiology is the primary tenant and they are in the process of taking over the remaining vacant space in the building.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Rod Bacon South Street in Glens Falls is undergoing a significant revitalization, and Saratoga Springs-based Bonacio Construction, Inc. is at the forefront of the effort. Construction is underway on what the company is calling the Market Square project, which is the revitalization of the buildings at 41 and 45 South Street and 36 Elm […]<\/p>\n","protected":false},"author":89,"featured_media":38047,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,12],"tags":[],"class_list":["post-38046","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-construction-planning"],"yoast_head":"\r\nHistoric Buildings On South Street In Glens Falls Are In Midst Of Revitalization - 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\/2025\/02\/historic-buildings-on-south-street-in-glens-falls-are-in-midst-of-revitalization\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Historic Buildings On South Street In Glens Falls Are In Midst Of Revitalization - Glens Falls Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Rod Bacon South Street in Glens Falls is undergoing a significant revitalization, and Saratoga Springs-based Bonacio Construction, Inc. is at the forefront of the effort. 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