GLENVILLE Socha Management plans to expand its presence with a new three-story facility following success with its existing properties.
The 45,000-square-foot building is planned to hold a variety of uses and will be designed to hold retail, offices and corporate apartments. William Socha, president of Socha Management, also said the company is looking into offering an established local restaurateur space at the building. The company plans to invest up to $9 million on the structure, which would be located in open space between Socha Plaza and its professional building Socha Plaza South.
The company owns and manages Shady Lane Apartments with 444 garden apartments, a 40,000-square-foot retail plaza and two office buildings totaling 30,000 square feet, all located on Route 50 in Glenville.
“We feel that the time is right to move forward with a new mixed-use building in Glenville as our other properties in the town continue to perform very well,” William Socha, president of Socha Management, said in a prepared statement. “We have considerable interest by new tenants in this site and we look forward to working with the town and county to move this project forward.”
Socha said the company’s commercial space, both retail and office, is fully rented out now and the timing was right for expansion. Mortgage rates also “won’t really be any lower than they are now,” he said. Economic development throughout the county and within the Route 50 corridor also influenced the decision to move forward, he said.
“For all those reasons, it is really a good time for us to move forward,” Socha said.
He said corporate hosing has also been in high demand. The company has a 1,300-square-foot building for traveling executives, which can be rented short-term as an alternative to staying at a hotel. The apartments are fully booked with employees from GlobalFoundries, General Electric and Target, he said.