‘Street of Dreams’ Awakens

by Kate Haggerty Glens

In August of 2016, the City of Glens Falls announced that it was the recipient of a 10 million dollar state grant, the Downtown Revitalization Initiative (DRI), to revitalize targeted downtown areas. The targeted area is roughly 95 acres. South Street was identified as the area most in need of revitalization due to its high vacancy rates and the dilapidated conditions of many of the buildings.

Glens Falls responded to the challenges of the DRI by creating the Strategic Investment Plan (SIP). The SIP’s goal is to identify and advance projects and initiatives that have catalytic and transformative potential. The projects must be perceived as having the greatest public benefit, have broad stakeholder support and must be primed for implementation. The SIP exists to help the city focus on how best to leverage its resources and assets to encourage appropriate public and private investment.

To catalyze means to cause or accelerate an action or process to begin. Investors will be more likely to invest in an area knowing that there is public support and other investments with similar goals. The goal of the DRI is for downtown Glens Falls to create a groundswell of new activity that brings new residents to downtown, helps local businesses, boosts the arts community, and attracts new visitors to Glens Falls.

Jeff Flag, the Economic Development Director for the City of Glens Falls identified the first project completed under the DRI as the moving of the SUNY Culinary School from Bay Road to Hudson Street. What seemed to be a promising start to revitalization was put on hold by the unexpected intervention of the

COVID-19 pandemic. As that period of uncertainty diminishes in the rear view mirror of history, the city is re-engaging and supporting DRI projects.

It is easier for investors to choose a specific project in a community if there are signs that more investment is imminent. Just recently, 58-66 South Street was purchased by Gregg Singer and Larissa Ovit. These partners purchased the three connecting buildings from Tony Poulos and David Johnson. Renovations have also begun on the old Irish Pizza & Cafe.

Kerry Smith, the owner of Glens Falls Bagels and current tenant of 58 South Street signed his lease because of the imminent investment of the DRI on South Street. Since the building has changed hands he has renegotiated his lease and will move into the 66 South Street space upon completion of the renovations. Smith has received solid local support from the community for his product and is looking forward to expanding his menu and potentially franchise.

The investment in the neighboring properties on South Street is exactly what the DRI was designed to inspire. “Now we’ve got enough critical mass. There is enough momentum that we can look at the other side of the street too. DRI has facilitated getting private investment in the city,” Flagg said.

The plans that involve the DRI funding are assessed so that the DRI plan is supportive and not duplicative of other planning efforts. It is important for private investors to know that the area will not be flooded with similar concepts. A broad swatch of economic activity benefits each individual stakeholder.