Bonacio Construction and Bonacio Development partnered with the historic Caffè Lena to renovate the folk music venue and develop its small parking lot next door as part of a downtown revitalization initiative. Bonacio Construction entered a philanthropic partnership to renovate the venue. At the same time, Bonacio Development moved forward with plans to build a 4-story, 8-unit condominium mixed-use building, later called the Spencer Condominiums, on the parking lot. This Spencer is wood framed with exterior finishes of brick and stucco. The first-floor commercial space is approximately 1,650 SF and houses Solevo Kitchen & Social restaurant. Bonacio Construction also built a common lobby, which allowed entry into Caffè Lena and the Spencer. For Caffè Lena, this was a transformational renovation as it allowed them for the first time to be ADA compliant.

The Spencer Condominiums was recognized with several awards. As an entry into the 2017 Saratoga Showcase of Homes, it won several Executive Home Awards for workmanship, interior floor plan, exterior design, best master bath, and best kitchen. In May 2018, The Spencer received the New Contextual Design Award from the Saratoga Springs Preservation Foundation.