A state-supported project is now underway in Glens Falls, creating new units of affordable housing.
South Street in Glens Falls was at one point one of the more dilapidated corridors in the Warren County city.
In 2016, however, its transformation began after the city received $10 million in Downtown Revitalization Initiative funds.
A $5 million events and marketplace, dubbed The Ed after the city’s late two-term mayor and economic development director was opened at 57 South Street in May and was funded in part with the city’s DRI funds.
Just steps up the street, a $48 million project is well underway to build two commercial kitchens, pitched as incubation centers for local businesses, market-rate apartments, and a way-finding center.
On Wednesday, city and state officials celebrated the start of yet another part of Glens Falls’ new era – a $27 million apartment complex with support from the state Office of Homes and Community Renewal.
“So, this is phase two that just started today with the ceremonial groundbreaking. This is Bonacio construction. It’s funded primarily with a HCR tax credit. It’s a 9% tax credit. Only the second 9% tax credit in the city of Glens Falls’ history,” said Bill Collins.
First-term Mayor Bill Collins, a Democrat, has overseen the completion of The Ed and the revitalization of South Street, though he is quick to credit those who came before him.
The New South Street Apartments will bring 70 residential units to the neighborhood, including 11 units of supportive housing. SUNY Adirondack will also lease space in the complex for workforce development.
Collins says Glens Falls’ efficiency with state funds and support can be a model for the rest of the state.
“We’ve turned $10 million worth of DRI investment, that came through 5 different grants. And now that’s led, that $10 million is part of $49 million in complete investment. Over 100 apartments all together. Some of these, the 70, are workforce. The others are what we call market-rate. Workforce housing is housing on a sliding-fee scale so that working Joes like you and me can afford a place to live without being priced out of the market,” said Collins.
The development of new housing options in Glens Falls comes as Governor Kathy Hochul expands on her so-called affordability agenda.
According to the governor’s office they’re on track to invest $25 billion to create or preserve 100,000 affordable units across the state.
The South Street Apartments project follows a $70 million effort, funded through the state Office of Homes and Community Renewal, to replace or renovate units in the Glens Falls Housing Authority’s portfolio.
HCR Upstate East Director of Development Darren Scott was also on hand for the afternoon’s ceremony.
“It’s exciting to see it in my lifetime. Development takes a long time from conception until people moving into their new apartments. And to see it happening so rapidly it puts gas back in my tank and makes me want to do even more,” said Scott.
Assemblywoman Carrie Woerner celebrated the collaboration between the city and state to uplift South Street.
“When the state can partner with local municipalities and put money into their vision this is what can happen. And one of the things that I love about the DRI program is that it starts with, ‘what does the community want, what does the community envision for itself?’ And then the state puts the money behind that. And because it is the community’s vision, not the state’s vision, these projects are truly transformational. And I think it’s terrific that we continue to make these investments,” said Woerner.
