By Christine Graf
When business partners Michael Dubb and Larry Roth began redevelopment of the historic Rip Van Dam in downtown Saratoga Springs, they planned to build apartments in the 200,000-square-foot building.
After conducting extensive market testing, they changed course and now plan to market the 79 available units as condominiums.
“It became apparent to us that there was a pretty strong need for this type of living,” said Dubb, founder and chief executive officer of the Beechwood Organization, a large developer of residential, single-family and multi-family housing in New York state. “We collected a list of several hundred people who are interested.”
Many of those who have expressed interest in the condominiums are local residents who have raised their children and are looking to downsize.
“There was also a lot of interest from people from New York City, Boston, Louisville, Lexington, and more places than I can remember,” said Dubb. “Saratoga is such a destination. A lot of people think of it in terms of the track, but Saratoga means a lot to so many people because of all of the tourist attractions and places to visit that are close by.”
The project’s offering plan has been submitted to the state Office of the Attorney General. No sales contracts can be signed until the plan is approved.
“In the interim we have submitted and received approval to do test marketing which is what we’ve been doing. Right now, we have the ability to discuss with people our plans, and we hope to have approval from the Attorney General for the offering plan in July,” said Dubb. “We will put together brochures, displays, and a web site that will show the different the floor plans and all of the amenities not only within the apartments but within the buildings.”
Condominium owners will have access to the amenities and five-star service available to guests of the Adelphi Hotel. As part of the $75 million redevelopment project, The Adelphi and the former Rip Van Dam will be connected and operate as one entity.
“You will be able to get room service, maid service, and even turn-down service,” said Dubb. “You will be able to arrange that through the hotel.”
In addition to the 79 condominiums, the building will include luxury hotel rooms, underground parking, a spa, a state-of-the-art gym, meeting rooms, and a business center. The condominiums and new hotel rooms will be finished to the same high standards as the hotel rooms at The Adelphi.
According to Dubb, seasonal condominium residents will have the opportunity to earn an income stream from their property.
“If they want to get income from the apartment when they aren’t using it, we will be able to rent it out through the hotel. They never have to be involved with whoever is renting it,” he said.
Available condominiums vary in size from studios to three-bedroom, and the building will also feature two penthouse units.
“We think we will have models for people to look at this coming fall, and people who buy from plans and don’t wait for the models can buy at pre-construction pricing,” said Dubb. “We are hoping for move-ins in spring of 2024.”
With the addition of the new hotel rooms in the adjoining building, the Adelphi will expand its number of rooms from 32 to 65. Thirteen of the additional rooms will become available by June 1, and the remaining 20 rooms are expected to be ready for occupancy by Aug. 1.