Glens Falls Market Square & South Street Apartments

Glens Falls Market Square (Phase 1) and South Street Apartments (Phase 2) are transforming a downtown block along South Street and Elm Street, reenergizing the area. This $34 million redevelopment of the South Street corridor in Glens Falls created nearly 90 apartments and approximately 14,000 SF of commercial space, addressing the demand for housing and business opportunities through a two-phased approach.

Phase One — Market Square Market Square is the adaptive reuse of three long-vacant historic buildings in downtown Glens Falls — 36 Elm Street, 41 South Street, and 45 South Street — totaling roughly 35,000 SF. The project created 18 market-rate apartments above approximately 10,000 SF of fully leased ground-floor commercial space, with complete building systems and envelope upgrades and restoration of original tin ceilings and windows. Financing included Federal and New York State Historic Tax Credits, City of Glens Falls DRI funds, National Grid Main Street Revitalization and Clean Heat awards, sales and mortgage tax abatements, and a 15-year PILOT.

Phase Two — South Street Apartments South Street Apartments is a newly constructed five-story, mixed-use building of approximately 75,000 SF in downtown Glens Falls. The project delivers 70 mixed-income apartments — serving households at 30% to 70% of area median income — above approximately 3,200 SF of ground-floor commercial space. Eleven apartments are set aside as supportive housing, with services provided by local nonprofit partners. Financing includes Federal Low-Income Housing Tax Credits, New York State Low-Income Housing Tax Credits (SLIHC), New York State Homes and Community Renewal subsidy, and a 30-year PILOT. Construction is underway, with completion expected in late 2026.