By Susan Elise Campbell
Progress is slow but steady on North Spring Run, a proposed apartment complex in northeastern Saratoga Springs according to Michael Birkby, senior project director of Conifer Realty.
The firm is under contract to purchase property at 131 Excelsior Ave. and build 102 apartments in the complex.
The Rochester-based developer plans to construct two buildings on the 4.2 acre site that had been home to Olde Saratoga Brewery. The company owns and manages some 15,000 apartment units in four states and has multifamily complexes in the Capital District and parts north.
“We are hoping to obtain site plan approval before the end of summer and move quickly toward a closing,” Birkby said. “Construction may begin as early as the end of this year.”
Birkby said a demolition permit will be needed for tearing down the existing buildings and that the site plan, area variance, and architecture review permit applications were submitted in April.
“The Design Review Commission and Zoning Board of Appeals in Saratoga have deferred action until the site plan application appears before the Planning Board,” Birkby said. “We have been trying to get on the agenda for the past two months” and anticipated an initial appearance at the July 14 meeting.”
Total project costs are estimated at $38.8 million. According to Birkby, this development will target a mix of market-rate and workforce units. It will offer such amenities as laundry with options for in-unit washers and dryers, a fitness center, indoor bicycle storage and in-building bulk storage, a dog wash area, and a community room.
Conifer’s internal team reviewed comps for rents and amenities to ensure North Spring Run will be competitive in the local marketplace, he said.
“We are still refining our rental plan, but market rate rents will be consistent with those already seen in Saratoga Springs,” he said. “Workforce rents will be based on 80 percent of the area median income.”
Birkby said the project’s architect and engineering firms will be Clarke Caton Hintz and The LA Group, respectively. Conifer-LeChase Construction will solicit bids from local subcontractors.
The buildings will feature transitional architecture with modern finishes that are complementary to other buildings along Excelsior Avenue. The developers propose to build 57 one-bedroom units, 33 two-bedroom units and 12 three-bedroom units, Birkby said.
Conifer Realty owns and manages Blue Heron Trail in Ballston Spa and has other properties and projects in preliminary stages in the county.
Visit coniferllc.com for more information.