A forum this morning explored development in Glens Falls. The small city in Warren County has seen a surge of new construction in the last few years.
The hot topic of discussion in Glens Falls: development.
According to Ed Bartholomew, President of EDC Warren County and a former city mayor, the city has seen $210 million in investment over the last decade.
The city also received a $10 million Downtown Revitalization Initiative state grant as it focuses on redeveloping its South Street corridor.
Bartholomew says investors and people are being drawn to Glens Falls for a variety of reasons.
“We have a diversity of industries, from our paper to our medical devices, to our tourism that provides this balance economically,” said Bartholomew.
At a forum hosted by the Albany Business Review at the Queensbury Hotel Thursday morning, local developers shared their thoughts on the surge in investment.
Panelist Peter Hoffman, president of development company Glen Street Associates, said his apartment buildings in Glens Falls are attracting renters from across the area.
“So we’re getting tenants all over the Capital District living in Glens Falls. They love the environment, they love what’s going on,” said Hoffman.
Hoffman says today’s city is a different place than when he started with three buildings in 2004.
“As we get more restaurants and more nightlife and more museums and more reason to be here, the market’s growing,” said Hoffman.
Saratoga Springs developer Sonny Bonacio said it’s important for any growing city to time its increase housing alongside growth in amenities.
Bonacio’s company has reshaped downtown Saratoga Springs – a 25-minute drive from Glens Falls. He says the high real estate prices in the Spa City partially drove him to dip a toe into the Glens Falls market.
“One could even argue Glens Falls is better than Saratoga because you’re that much closer to the Adirondacks. Lake George is right there. It’s not like you’re far from anything. And the price point was about 25 percent less. And 25 percent in a rental rate – that’s a lot of money,” said Bonacio.
Mark Levack, President of Levack Real Estate, says he wants to see more high-end housing come to downtown Glens Falls, including townhomes or condos along the riverfront.
Levack also dreams of a redevelopment of Washington Street in Glens Falls similar to Railroad Place in Saratoga Springs. There, a former full-size Price Chopper supermarket has been turned into a mixed-use structure with housing and a smaller grocery store at the street level, plus a movie theater.
“The lots have the depth, the homes are moderately priced, there is the opportunity for assemblage on that street – Peter Hoffman has already started the process with the renovation of Smiths Flats, he built a mixed-use building. And that’s the concept,” said Levack.
Dawn Davidson, President of Staghorn LLC, who owns 59 housing units, also spoke on the panel. About 14,000 people live in the city.
