Bonacio gets $6.6-million NYS tax credits, key step for his South St. apts.

New York Gov. Hochul announced Monday that the apartment project proposed by Bonacio Development for…South Street has qualified for tax credits valued at $6.6 million,” the City of Glens Falls said Tuesday.

“With that announcement, South Street might truly become the ‘Street of Dreams’ as the projects connected to the apartments and the Downtown Revitalization Initiative come to fruition.”

“It’s been nearly a decade in process, and now the revitalization of South Street is kicking into high gear!” Mayor Bill Collins enthused in a press release.

The site is the farmer’s market parking lot adjacent to and behind the former Sandy’s Clam Bar, which is already owned by the developer Sonny Bonacio.

The press release said, “The 70-unit mixed income South Street Apartments project meets the Homes and Community Renewal sustainability standards. It will include 11 units with supportive services for people with disabilities as well as a career training and workforce development facility that will be used by SUNY Adirondack. The units are affordable, sustainable and supportive homes squarely in the spirit of Governor Hochul’s initiative.”

Jeffrey Flagg, the City’s Economic Development Director, was quoted, “The $6.6 million in tax credits will leverage nearly $25 million in private investment in downtown Glens Falls.”

The release said, “The City of Glens Falls looks forward to working with the Bonacio Group to get started on this much-needed addition to our city’s housing supply, as well as the entire related Market Center/South Street renewal project.”

“Please watch this space,” Mayor Collins was quoted, “as this exciting and important process unfolds.”

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