{"id":16036,"date":"2014-12-11T12:44:43","date_gmt":"2014-12-11T17:44:43","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/12\/ellsworth-commons-to-push-commercial-space.html"},"modified":"2014-12-11T12:44:43","modified_gmt":"2014-12-11T17:44:43","slug":"ellsworth-commons-to-push-commercial-space","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/12\/ellsworth-commons-to-push-commercial-space\/","title":{"rendered":"Ellsworth Commons To Push Commercial Space, Eyes New Restaurants And Stores"},"content":{"rendered":"
\n
\"ellsworth\n<\/div>\n
Eugene Rosen, managing partner of the group that owns Ellsworth Commons in Malta, says apartments have rented well and a push is on to get commercial space occupied\n<\/div>\n<\/div>\n

BY BARBARA PINCKNEY<\/p>\n

The man now in charge of Ellsworth Commons,
\nthe $53-million, mixed-use development
\nin Malta, sees local restaurants and
\nretailers as the key to its future success.<\/p>\n

Eugene Rosen has been one of the three
\nowners of the property–on Ellsworth Boulevard
\noff Route 9–since 2007, but said he
\nwas a “passive member” of the group known
\nas Albany Partners LLC. Earlier this year,
\namid reports that Ellsworth Commons was three months behind in paying its debt,
\nRosen, who lives in Florida, took over as
\nmanaging partner.<\/p>\n

Ellsworth Commons, which opened in
\n2011 as Malta’s first mixed-use community,
\nis composed of four buildings containing
\n312 luxury apartments and about 70,000
\nsquare feet of commercial and retail space.<\/p>\n

The apartments rented quickly, thanks in
\nlarge part to the property’s proximity to GlobalFoundries microchip manufacturing
\nplant in Malta, and have had a high
\noccupancy rate for the past three years,
\nRosen said.<\/p>\n

The commercial space has not been so
\npopular. Tenants include Myrtle Street
\nObstetrics and Gynecology, House of Polish
\nNails and Spa, DNS Electronics LLC and
\nH&R Block, but a good deal of the 70,000
\nsquare feet remains vacant.<\/p>\n

“One of my primary efforts and goals in
\ntaking over the management of the property
\nwas to expedite the lease-up of the commercial
\nspace,” Rosen said. “I think one of
\nthe problems that occurred initially is that
\nthe marketing was oriented toward more
\nnational types of tenants. And in reality, I
\nthink having 650 tenants right in house, so
\nto speak, creates a better opportunity for
\ncommercial or retail operations that cater
\nto the local element.”<\/p>\n

He noted that Ellsworth Commons does
\nnot meet the criteria for most national
\nchains, which look at population density
\nand other factors set by their home offices.
\nBut he considers it the perfect location for
\nlocal retailers and service businesses, such
\nas dry cleaners and hair salons, as well as
\nrestaurants.<\/p>\n

He noted that Malta residents looking for
\nfiner restaurants typically have to travel
\nto Saratoga Springs, which many do not
\nwant to do in the summer, when the city is
\ncrowded and parking is at a premium, or in
\nthe winter, when weather conditions may
\nmake travel difficult.<\/p>\n

“So we are working hard with local
\nestablishments to try to get them to open
\nin Ellsworth Commons,” he said. “We are
\nopening a Thai restaurant there, we have a
\ncoffee shop, we have a yogurt shop and we
\nare very close to putting together an Italian
\nrestaurant and a Spanish restaurant. I can
\nsee it becoming a real mecca not only for
\nthe residents of the apartments but for the people within a couple of miles who want a
\nspot for dinners and lunches on weekends.”<\/p>\n

Rosen said there are varied spaces available,
\nranging from about 1,600 square feet
\nto as much as 5,000 square feet. Because
\nthe space is “vanilla shell,” meaning it has
\nnot been built for any particular purpose,
\nAlbany Partners will offer financial assistance
\nto help local business owners fit it
\nto their needs.<\/p>\n

“It’s not like it’s ever been built out before,
\nso it requires taking the newly developed
\npremises and bringing it to where it’s
\ngot walls and flooring; and for restaurants
\nto where it’s got their kitchen and meets the
\nhealth requirements that go with that, such
\nas ventilation and duct work and things
\nlike that,” he said. “It is very expensive in
\na new facility.”<\/p>\n

Meanwhile, Rosen is representing the
\nsame partners in seeking a buyer for a
\nnearby property at 2458 Route 9, just
\nsouth of the roundabout with Route 67.
\nEllsworth Commons is just to the north of
\nthe roundabout.<\/p>\n

That site, called Blacksmith Square, has
\nMalta Planning Board approval for a mixeduse
\ndevelopment with 170 apartments and
\n28,000 square feet of retail space. The
\nbuyer would assume those permits and
\ncould pursue those plans, or could build
\nsomething else within the zoning code.<\/p>\n

Rosen said a developer from New England
\nis close to signing a deal for the property,
\nbut could provide no other details. No
\nlocal developers expressed an interest,
\ndespite Blacksmith Square’s proximity to
\nGlobalFoundries.<\/p>\n

“The grass is usually greener on the other
\nside of the fence, believe it or not,” he said.
\n“That’s why [outside] people see something
\nthat is currently right under somebody’s
\nnose and they just didn’t see the potential
\nin it for some reason. That is historically
\nwhat happens in real estate.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Eugene Rosen, managing partner of the group that owns Ellsworth Commons in Malta, says apartments have rented well and a push is on to get commercial space occupied BY BARBARA PINCKNEY The man now in charge of Ellsworth Commons,…<\/p>\n","protected":false},"author":121,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[57,93,108],"class_list":["post-16036","post","type-post","status-publish","format-standard","hentry","category-business-news","tag-business-news","tag-malta","tag-real-estate"],"yoast_head":"\r\nEllsworth Commons To Push Commercial Space, Eyes New Restaurants And Stores - Saratoga Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/12\/ellsworth-commons-to-push-commercial-space\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Ellsworth Commons To Push Commercial Space, Eyes New Restaurants And Stores - 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