Patten plans to buy & redo South & Elm and former Rite Aid

Ben Westcott writes: Developer Chris Patten has contracts to purchase 46-56 South St. and the former Rite Aid building on 10 Broad St. 

Mr. Patten intends to restore the large South Street building into 20 apartment units and six commercial spaces, and the Broad Street property into 24 apartment units and 56 parking spaces.

He said he’s purchasing the South Street building from Chad Nims for $800,000 and plans to put $1 to $1.5 million into renovating it, and he’s purchasing the Broad Street property from Peter Shabat for $675,000 and plans on putting $1.5 million into it.

“My driving motivation for restoring buildings on South Street is to help continue the momentum of development,” Mr. Patten said. “It’s been a long time that there have been talks about revitalization on that road. Everyone is now excited with the farmers market underway, and Bonacio Construction moving forward. This is the time to complete the last pieces of the puzzle of the downtown area, through restoration and new construction alike.

“I’m hoping to attract other developers who see the value in preserving our downtown district,” he added. “We’ve certainly come a long way in the last 10 years. I remember listening to stories from my great aunt Bea about how nice Glens Falls used to be when she was a kid. It makes me proud to be a part of restoring the 1944 Look magazine acclaimed ‘Hometown USA.’”

He said the South Street building is “a key element in the restoration of the South Street corridor, and it’s in line with the city’s DRI project.”

“Being a part of restoring South Street has always been a passion of mine, since I started investing in the city when I was 21 years old,” he said. “I always thought that building really deserved to be brought back to life.

“I finally got into the building, and a lot of people said it was in terrible shape, and it’s seen better days for sure, but nothing that we can’t overcome,” he said, noting “It’s not worse than the building that we did at 274 Glen St. [at the corner of South and Glen].”

Plans for the 46-56 South St. building include 16 one-bedroom apartments facing South Street and four two-bedroom large units facing Elm Street, on the second and third floors.

On the first floor, “The idea is to bring a restaurant into that corner and then potentially five other commercial spaces out on South Street,” Mr. Patten said.

He noted the building will have “a brand new elevator.”

He anticipates rent for the one-bedroom units to be around $1,200, and in the $1,500 to $1,600 range for the two-bedroom units.

As far as how the building will look, he says “All the windows will be replaced. We’re going to be pressure washing, cleaning, and then painting the brick. We’re proposing a nice dark navy blue color with white trim on the top, with white crown molding and white corbels, nice white windows, just to give it a lot of contrast.

“Then we’re going to be doing some gray natural stone, locally sourced in Granville or over that way, on the vertical columns,” he says.

Also in the plans are new bronze storefronts with new glass, and new signage.

He expects the project, along with his Broad Street plan, will appear before the Glens Falls Planning Board in December. He wants to start work sooner rather than later, on the South Street building in particular.

“It’s in rough shape, and I don’t really want to see another winter snow load on the roof system before we can get in there,” he said. “We’re really trying to get it shored up properly, get proper roof drains in, and get it structurally sound.”

On Broad Street, he plans to demolish the former Rite Aid building and build an apartment complex called The Point at 10 Broad.

“It’s going to be one of the nicest buildings on the street,” he said.

The new building would feature a dozen units each on levels two and three, at least four of which would be two-bedroom units. The first level would have 56 parking spaces that would serve both 10 Broad and 46-56 South St., Mr. Patten says.

Mr. Patten’s attorney Jon Lapper noted that “Both of these parcels are sorely in need of redevelopment.”

Speaking about the 46-56 South building, he said “I’ve been here for 40 years, and it’s been in need of renovation as long as I can remember.”

He said Mr. Patten’s proposals “should be really solving the problem and making South Street a really important part of the city.”