By Christine Graf
Gail Krause and Jeffrey Gordon, partners on Park Place on the Peninsula on the Mohawk River in Halfmoon, were awarded $2.8 million in tax incentives for their proposed $44 million, 244-unit apartment complex.
Krause is local realtor and former owner of Krause’s Restaurant & Grove, and Gordon is the co-owner of Albany-based Gordan Companies which manages several million square feet of commercial, retail, and residential space. They specialize in creating “affordable luxury.”
Krause’s plans for the 36-acre parcel of land have changed over the years to meet the demands of the market. She has been working to develop the property for more than fifteen years.
“Back in 2004 or 2005, it was going to be condos,” she said. “I got my approvals for condos, and when the market for condos went bad, I decided not to do condos anymore and started working on apartments around 2008. It was all market driven.”
Four years ago, Krause partnered with Gordon whose brother, Dave Gordon, was involved in the project before his retirement. Although it is Krause’s first major development project, Gordon Companies has numerous luxury apartments in their portfolio including Park Place at Saratoga and Park Place at Wilton.
One of the project’s major hurdles involved the installation of an approximate three-mile sewer extension along Beach, Clamsteam, and Dunsbach roads. The extension will benefit the town because other commercial properties will have the ability to tie into it in the future. Total infrastructure improvements costs for the property are projected at $7.7 million.
Micheli Contracting of Rensselaer started clearing the land and prepping it for construction in 2019. All work was halted due to the pandemic, but crews are back on the job site. Installation of the off-site sewer is currently underway and could be completed by May or June.