GLENS FALLS — Developer Peter Hoffman has found a commercial tenant to occupy the first floor of the old post office he is renovating at 67-73 Warren St., and he is purchasing the former Red Cross building across the street to provide additional parking.
Hoffman would not disclose the tenant but said he may have an announcement next week. The bulk of the usable space in the 13,000-square-foot former post office building is on the first floor.
Hoffman said he has several prospective tenants looking at the 2,000-square-foot second-floor office space.
Hoffman was expected to close on the 74 Warren St. property on Thursday. He said he planned to retain the building, which became vacant in November when the American Red Cross relocated to space in the Travelers Building on Glen Street.
“It’s a good building. We’re really going to look at it. We’re going to use the lot for parking. There’s about 20 cars in there,” he said.
The announcement of Hoffman’s plans came at Thursday’s meeting of the Glens Falls Industrial Development Agency board.
Board Chairman Judy Colagero said the IDA is excited that the project has come to this point. The IDA had approved a tax break about four years ago for Hoffman’s project to renovate the building at 67-73 Warren St.
Construction did not get underway immediately. Now the renovation is about 90 percent complete, she said.
IDA attorney Kara Lais said Hoffman has spent about $900,000 on renovation costs. This is on top of the $150,000 spent to purchase the building, which stopped being a post office in 1977. It was used as an Army Reserve Center until 1994. St. Mary’s Church acquired it in 2001 and had planned to demolish the structure but withdrew its application after an outcry from the community.
Hoffman bought the property in 2010 as part of his redevelopment of that section of the city, which included renovation of Warren Street Square into a complex of apartments and offices.
The IDA entered into a 12-year payment-in-lieu-of-taxes plan with Hoffman in 2015 on the old post office. Hoffman does not pay taxes on any increased portion of the assessment during the first six years, only on the base value. In the seventh through 12th year of the PILOT, he pays 50 percent of the increased assessment.