An artist rendering shows a conceptual design for a new three-story, mixed-use building planned to be built by Socha Management adjacent to Socha Plaza in Glenville.
continued The idea to house a restaurant came from feedback Socha’s heard from the community.
“We hear over and over again it would be great if there was restaurant,” he said. “If we can help facilitate that and it will work out then it will be great for everybody, but at this point it is not a done deal, but we are in discussions with some restaurateurs.”
He said he was “thrilled” with the response he’s received from town officials supporting the project.
“This is a great project,” Town Supervisor Christopher Koetzle said. “This is a huge investment in Glenville and I think it is going to benefit the town in a variety of ways.”
Socha’s project falls along recent economic developments along the Route 50 corridor including Target at the former Kmart site, a new $20 million Naval Reserve Center and Fortitech facility at the Airport Business Park and further down Route 50, Mohawk Honda’s move into a vacant car dealership.
“Our plan with this project … is to really raise the bar in this area,” Socha said. “I hope it will be an integral part to a lot of the other growth that is happening in the area.”
Schenectady County Legislator and County IDA member Martin Finn thanked the Socha family for their continued investment.
“This new office building will add to the momentum we are seeing on the Route 50 corridor and is further proof that the county-led unified economic development plan is working,” Finn, D-Niskayuna, said in a statement.
The County IDA, administered by Schenectady Metroplex Development Authority, will provide a waiver on sales tax for building materials used to construct the new building and a payment in lieu of tax (PILOT) agreement.
The PILOT would set taxes on the new building at 50 percent of full value the first year, which would increase by 5 percent each year until the building reaches its full taxable value. The company would continue paying 100 percent of its taxes on the land where the project would be built.