ROME, N.Y. — Saratoga Springs–based Bonacio Construction Inc. announced it has broken ground on the construction of Air City Lofts at Griffiss Business and Technology Park on the former site of Building 240 (B240).
Air City Lofts is a new mixed-use apartment community with first floor office/amenity-oriented space, Bonacio said in a news release.
The estimated cost of the project is $20 million and Bonacio expects construction to last about one year.
(Sponsored)
Keeping Your Firm Secure on the Road to Digitization
By Dan Hernborg Sales Engineer With the looming threat of a potential recession and economic downturn, many professional service firms are looking to reduce costs and increase efficiency in preparation.
You Filed Your 2022 Tax Returns, Now Let’s Look Ahead
Another busy tax filing season is behind us and with a return to normalcy this year, without significant processing delays at the Internal Revenue Service (IRS), we can look forward.
Bonacio Construction purchased 4.3 acres of land on State Route 825 from the Griffiss Local Development Corporation (GLDC) for the project’s first phase. It will include two, four-story, mixed-use buildings with ground-floor commercial space and 84 units of upper level market rate apartments.
Empire State Development awarded GLDC a $1.25 million grant to help pay for the mixed-use development, Bonacio said.
“Over the past 24 years, Griffiss Park has steadily grown to over 72 companies and 5,800 employees. To complement the growth of business and industry, GLDC has deliberately sought out new and exciting lifestyle and residential amenities that were requested by park tenants,” Elis DeLia, chair of the Griffiss Local Development Corporation, said in the Bonacio release. “The construction of Air City Lofts at Griffiss will bring a new dynamic to the Park and we look forward to having people not only work at Griffiss, but to live here as well.”
Project background
The City of Rome and GLDC issued a request for expression of interest (RFEI) for the redevelopment of three key areas in Rome this past year, which included the B240 site at Griffiss. The city and GLDC worked to present development opportunities that would attract developer interest that is “aligned with the community’s vision” — to support the prospects of “high-wage job growth by key employers” located at Griffiss and the City of Rome, per the release.
Key employers in Rome and at Griffiss have cited a “lack of quality apartments and life-style amenities as an impediment” in their recruiting efforts for employees. Bonacio Construction submitted its expression of interest for the B240 site as part of that RFEI process.
“We heard loud and clear from the companies [at] Griffiss that creating an amenity-rich apartment community was so important for recruiting and keeping talent at the park,” Sonny Bonacio, president of Bonacio Construction, said in the firm’s release. “Thanks to the City and the GLDC paving the way, this project is the first step to this community become a reality. Bonacio Construction is proud to be a part of redevelopment efforts, helping to increase overall employee quality of life, and keep critical dollars in the local Rome economy.”
GLDC had previously undertaken development work at the site, which included demolition of the former B240 building that was used by the Air Force Research Laboratory, and built an access road to support the planned development of the 25-acre site. The state recently completed construction of the Route 825 highway that fronts along this development site.
Traditionally, business and industrial parks were designed exclusively for offices and light industry. Griffiss Business and Technology Park is using a “different method,” as it is starting to combine residential, recreation, education, manufacturing and research and development all in one place.
The B240 redevelopment project that Bonacio Construction is undertaking “continues this approach,” the company said.
Contact Reinhardt at ereinhardt@cnybj.com
