Schroon Lake, NY Bonacio Construction is renovating the Word of Life Inn & Family Lodge in Schroon Lake. Spring City Development Group is working with the project owners, Sonny and Julie Bonacio, Andrea Crisafulli, and Alan Ayers, to redevelop the property into a new Adirondack destination. Designed by KPB Architecture, the project will include over 100 guest rooms, indoor and outdoor amenities, and a 10,000 s/f restaurant. The LA Group is designing the site, and Hay Creek Hotels is the resort’s operator. This project was made possible with support from local and state governments, including a grant through Empire State Development.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,