Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Downtown Development topic
No spam. Unsubscribe anytime.
Market Center 'The Ed,' South Street and Tech Meadows projects advance; DRI totals top $50M, ribbon cutting set for May
Summary
Officials reported construction progress on South Street rehabilitation, the Market Center re-fit now named 'The Ed' and ongoing work at Tech Meadows; state Downtown Revitalization Initiative (DRI) funds and leveraged private investment were highlighted, and a May 16 ribbon cutting was scheduled.
City and public-authority leaders reported progress this month on several downtown redevelopment projects tied to the state's Downtown Revitalization Initiative and local development efforts.
Jeff Flagg and other staff updated the boards that work on the South Street historic-building projects is moving toward late-fall completion for the major preservation elements, while interior fit-outs and peripheral work remain in progress. Flagg said state and local partners emphasized the project's leverage: he reported that, according to a regional state official who toured the sites, the Glens Falls DRI and related projects have "generated a little bit over $50,000,000 in total" private and public investment for the city.
The Market Center and connected properties at 36 Elm were described by staff as nearing substantial completion inside while exterior paving and periphery work remain weather-dependent. The project name for the Market Center re-fit was announced informally in the meeting as "The Ed," intended to emphasize the site as an events hub and downtown gathering place. Officials said they are coordinating a public ribbon cutting on Friday, May 16 at 3 p.m., followed by a community celebration from 5 p.m. to 8 p.m.
Tech Meadows work and property transfers were also discussed. The sale of city/LDC-owned Tech Meadows parcels and a prospective manufacturing tenant (referenced in the packet) remain under negotiation and financing review; staff said the sale and related incentive agreements began in 2024 and are expected to finalize in 2025. A separate pilot agreement mentioned in the packet (Kukafi) had started in 2024 but had not yet closed as of the meeting.
Discussion at the meeting noted recurring development challenges in historic downtown rehabilitation: latent brownfield remediation, higher restoration costs to preserve historic fabric, demolition and reconstruction costs, and the need for gap financing. Board members discussed historic tax credits and other incentives as regular tools to bridge those gaps.
Officials said the DRI grant functions as a catalytic award: while the state does not require a match for its DRI grants, local and private leverage is expected to make a project successful. Staff emphasized that several projects used private financing in combination with incentives and that much of the downtown work is now moving forward. The board said staff will continue to document progress with photographs and recordings for public records and reporting.
