By Christine Graf
Hayes Development Co. of Saratoga Springs is building 64 additional townhouse apartments at its The Lofts at Saratoga Boulevard property in Malta.
The project includes eight townhouse buildings, a tennis court and a dog park. It was designed by Cotler Architecture, and Bonacquisti Brothers Construction of Albany is the general contractor.
Construction began in July. The first townhouses will be ready for occupancy in early spring. By summer 2021, the remaining townhouses will be available. “We anticipate reaching full absorption before the completion date,” said Hayes.
The townhouse apartments are being built on a portion of a six-acre parcel of land that was purchased by Hayes Development for $1.35 million in January. The previous owners had planned a mixed-use development called Blacksmith Square on the property. After they defaulted on tax and mortgage payments, Sunmark Credit Union foreclosed on the land.
Hayes Development got it divided into two parcels.
“On the one that is four acres, we are currently constructing the next phase of The Lofts at Saratoga Boulevard. The parcel is contiguous with our current community,” said Robert A. Hayes company principal. “We have two remaining acres on Route 9 that would lend themselves to mixed use, retail or office. We plan to develop those two acres in the near future. The two acres that are remaining are up along Route 9. There is more than 300 feet of Route 9 road frontage there.”
The new units will be identical to those in the first phase of development, which was built three years ago. There were 214 two-story, townhouse-style apartments in the first phase and they are all occupied. Hayes said there is a “healthy waiting list” for vacancies.
He said 20 percent of the units have already been leased.
Phase two rents will be consistent with current rates and are expected to range between $1,500 and $1,800, he said.
One-bedroom apartments measure 970 square feet and have 1.5 bathrooms. Two-bedroom apartments are 1,340 square feet and have two bathrooms. All units feature offices and attached garages.
“Our units are unique in the fact that they provide office space as well as an extra half-bath, making them ideal for anyone who desires to work from home,” said Hayes.
Apartments feature hardwood floors, granite countertops, vaulted ceilings, stainless steel appliances, central air conditioning, and full size washer and dryers. On-site amenities include a clubhouse, indoor pool, fireside luxury spa, billiards, coffee house and lounge, and two fitness centers.
By Christine Graf