{"id":16030,"date":"2014-12-11T11:54:05","date_gmt":"2014-12-11T16:54:05","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/12\/bonacio-construction-to-take-on-project-in-glens-falls-building-multi-use-structure.html"},"modified":"2014-12-11T11:54:05","modified_gmt":"2014-12-11T16:54:05","slug":"bonacio-construction-to-take-on-project-in-glens-falls-building-multi-use-structure","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/12\/bonacio-construction-to-take-on-project-in-glens-falls-building-multi-use-structure\/","title":{"rendered":"Bonacio Construction To Take On Project In Glens Falls, Building Multi-Use Structure"},"content":{"rendered":"
\n
\"bonacio\n<\/div>\n
This preliminary concept plan shows the site of Bonacio’s multi-use building, upper left. The Glens Falls IDA is proposing a parking garage, right, to augment the development\n<\/div>\n<\/div>\n

BY BARBARA PINCKNEY<\/p>\n

Saratoga Springs-based developer Sonny
\nBonacio has turned his attention to Glens Falls,
\nwith a $25 million project that is being called
\n“transformative” for that city’s downtown.<\/p>\n

Bonacio, whose Bonacio Construction is responsible
\nfor several residential and commercial
\nprojects in Saratoga, and the Rotterdam-based
\nGalesi Group have purchased property from Glens
\nFalls Hospital and will spend the $25 million to construct a six-story, 150,000 square-foot mixeduse
\nbuilding there.<\/p>\n

Plans call for a grocery store, office space and
\n80 market-rate apartments on the parcel at 14
\nHudson Ave., east of the hospital. The property
\ncurrently holds a parking lot.<\/p>\n

The plan also calls for the construction, by the
\nGlens Falls Industrial Development Authority, of
\na 500-540-space parking garage on Park Street, behind the six-story building. The IDA received
\n$3 million from the state to support that project,
\nwhich has a total price tag of about $6 million.<\/p>\n

“I would classify this as really a major, transformative
\ntype of project,” said Edward Bartholomew,
\nwho heads the IDA as well as the Economic Development
\nCorp. of Warren County. “We are taking
\na very under-utilized piece of property–which is
\noff the tax rolls right now–placing it back on the
\ntax rolls and having a mixed-use commercial retail
\nand residential project go up on that property.”<\/p>\n

The project will not contribute to the tax rolls
\nimmediately, however. The IDA, on Nov. 13, approved
\na 15-year tax abatement for the property.
\nThe full value of improvements will be exempt
\nfrom property taxes for the first 7.5 years. For
\nthe next 7.5 years, it will be taxed at 50 percent
\nof the value.<\/p>\n

Larry Novik, director of business development
\nfor Bonacio Construction, said the project would
\nnot be possible without the tax abatement.
\n“The simple reason being, these buildings cost
\nthe same whether you build them in Saratoga
\nSprings or Glens Falls, but the rent structure, the
\nincome potential, in the building is different just
\nbecause of the different price points in the city,” he
\nsaid. “Obviously, Glens Falls has a somewhat lower
\nprice point than Saratoga and we have to try to
\nmake up that difference to make a viable project.”<\/p>\n

According to the website MyApartmentMap.com, the average apartment available for rent
\nin Glens Falls in November was $1,200 a month,
\ncompared to $1,800 in Saratoga. Furthermore,
\nproperty taxes are higher in Glens Falls.<\/p>\n

Bonacio and Galesi last teamed up on Market
\nCenter, a mixed-use project on Railroad Place in
\nSaratoga Springs. Market Center includes the
\nPrice Chopper Limited small-format grocery store
\nas well other retailers and 124 apartments ranging
\nfrom one to three bedrooms.<\/p>\n

Novik said the company is doing its first project
\nin Glens Falls because it was drawn to the city’s
\n“really nice sense of momentum.”
\n“When you start to see the streetscape get
\nmore developed and nice businesses moving in
\nand people walking the downtown and enjoying
\nthe amenities of downtown it’s a great feeling,” he
\nsaid. “And we’d like to be part of that.”<\/p>\n

The first floor of the building–which at the
\nmoment is simply being called “14 Hudson”–will
\ncontain 40,000 square feet of retail space, most
\nlikely containing a grocery store like Market Center.
\n“We do not have a commitment from a supermarket
\nyet,” Novik said. “We are working with a
\nnumber of potential tenants and entertaining a
\nfew possibilities for the anchor. We work really
\nhard to find the right fit that blends well with the
\nurban environment and our upstairs tenants and
\nwhat their needs are.”<\/p>\n

The other five floors will each measure about
\n22,000 square feet. Novik said plans call for about
\nhalf of the second floor to contain office space “and
\nwe are somewhat flexible in how that configures.”
\nThe remainder of the second floor, and the
\nentirety of the other floors, will provide space for
\n80 residential units ranging from one to three
\nbedrooms.<\/p>\n

Novik said more than half of the units–44–
\nwill be one-bedroom dwellings. The exact
\nbreakdown of the remaining units is still being
\ndetermined, but Novik said at this point the plan
\nis for 26 two-bedroom and 10 three-bedroom
\napartments.<\/p>\n

“We are trying to create good, market-rate
\nhousing,” he said. “Our units are fairly upscale.
\nWe have granite countertops, stainless steel
\nappliances [and] wood floors throughout the
\ncommon areas.”<\/p>\n

The IDA’s parking structure will be built first, to
\nensure the needs of Glens Falls Hospital are met
\nbefore the parking lot at 14 Hudson is removed.
\nBartholomew said the IDA hopes to break ground
\nin the later part of this year or early in 2015. He
\nprojected it would take six to eight months to
\nbuild the garage.<\/p>\n

Novik said Bonacio and Galesi will be ready to
\nstart their project as soon as the parking garage is
\ncompleted next summer. He said the mixed-use
\nbuilding should be up in about a year, although
\nsome interior work might take longer than that.
\nThat would put the opening in mid-to-late 2016.<\/p>\n

Bartholomew said the city has been working
\nwith Bonacio for a while now, trying to find the
\nright concept for a downtown project.
\n“I think we hit on the right formula,” he said.<\/p>\n

“There are a lot of positive things occurring with
\nthat project. It will provide jobs and parking, not
\nonly for the hospital and [the tenants in] the
\nBonacio-Galesi building, but also for downtown
\nshopping, restaurants, the Civic Center and the
\nWood Theater. Hopefully this development will
\nlead to subsequent other development projects
\nin our downtown area.”<\/p>\n

Photo Courtesy Bonacio Construction<\/p>\n","protected":false},"excerpt":{"rendered":"

This preliminary concept plan shows the site of Bonacio’s multi-use building, upper left. The Glens Falls IDA is proposing a parking garage, right, to augment the development BY BARBARA PINCKNEY Saratoga Springs-based developer Sonny Bonacio has turned his attention…<\/p>\n","protected":false},"author":121,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[57,63,77],"class_list":["post-16030","post","type-post","status-publish","format-standard","hentry","category-business-news","tag-business-news","tag-construction","tag-glens-falls"],"yoast_head":"\r\nBonacio Construction To Take On Project In Glens Falls, Building Multi-Use Structure - Saratoga 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.saratoga.com\/saratogabusinessjournal\/2014\/12\/bonacio-construction-to-take-on-project-in-glens-falls-building-multi-use-structure\/\" \/>\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 Construction To Take On Project In Glens Falls, Building Multi-Use Structure - Saratoga Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"This preliminary concept plan shows the site of Bonacio's multi-use building, upper left. 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