{"id":34881,"date":"2020-05-07T18:24:40","date_gmt":"2020-05-07T22:24:40","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/?p=34881"},"modified":"2020-05-08T10:58:49","modified_gmt":"2020-05-08T14:58:49","slug":"real-estate-investment-company-hopes-to-build-6-story-office-building-on-broadway","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2020\/05\/real-estate-investment-company-hopes-to-build-6-story-office-building-on-broadway\/","title":{"rendered":"Real Estate Investment Company Hopes To Build 6-Story Office Building On Broadway"},"content":{"rendered":"<figure id=\"attachment_34882\" aria-describedby=\"caption-attachment-34882\" style=\"width: 200px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-34882\" src=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2020\/05\/six-story-bldg-vc-200x300.jpg\" alt=\"\" width=\"200\" height=\"300\" srcset=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2020\/05\/six-story-bldg-vc-200x300.jpg 200w, https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2020\/05\/six-story-bldg-vc-684x1024.jpg 684w, https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2020\/05\/six-story-bldg-vc.jpg 741w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><figcaption id=\"caption-attachment-34882\" class=\"wp-caption-text\">This is a rendering of part of a six-story building planned to be built on Broadway.<br \/>Courtesy Prime Group<\/figcaption><\/figure>\n<p>By Susan E. Campbell<br \/>\nPrime Group, a real estate investment company and a major owner\/operator of self-storage units, plans to build a six-story building on Broadway in Saratoga Springs that would become its new office spaces and house other tenants.<br \/>\nThe company has outgrown its office space at 85 Railroad Place in Saratoga Springs and is planning to relocate headquarters to the new construction on Broadway, opposite Congress Park, according to founder and chief executive Bob Moser.<br \/>\nThe structure\u2019s design calls for six stories with two levels of underground parking.<br \/>\n\u201cOur staff will occupy the top two floors and the rest will be rented,\u201d said Moser. \u201cTenants will be service providers such as lawyers, accountants and the types of companies Prime works with,\u201d he said. \u201cWe are a relationship driven company.\u201d<br \/>\nThe administrative staff in Saratoga Springs is upward of 70 now and will grow to more than 100 by the time the building takes occupancy, he said.<br \/>\n\u201cOne hundred percent of the operation will be at the new site, including acquisitions, management, executive, and leasing staff,\u201d said Moser.<br \/>\nOn April 30, Moser\u2019s team met by video with the city Planning Board to present its mixed-use, $25 million project at 269 Broadway, on one-half acre of raw land purchased by Moser from the personal portfolio of Tom Roohan of Roohan Realty, he said. <!--more--><br \/>\nThe project team includes professionals from MJ Engineering, C2 Architecture and the law firm of Snyder Kiley Toohey Corbett &amp; Co. LLP.<br \/>\nMoser and his colleagues looked for many months for a building that could accommodate the company\u2019s growing needs but found nothing on the market. The location at 269 Broadway is designed for an entrance and exit off Hamilton Street, he said.<br \/>\n\u201cParking in the area is a scarce commodity, so we pushed for two levels of underground parking for the convenience of employees,\u201d he said.<br \/>\nPrime Group is a consolidator of storage facilities. The company builds some of its facilities from scratch, such as the one on Route 50 in Wilton, or aggregates existing facilities into Prime\u2019s institutional quality paradigm.<br \/>\n\u201cA Prime Storage facility means it is of a certain size, in a modern style, and has a great location in a retail corridor,\u201d Moser said. \u201cThere is a new facility added nationally every four to five months.\u201d<br \/>\nDemand for more storage space is driven by a number of factors, mostly lifestyle changes cause as divorce, moving, inheritance, and changing business needs, according to Moser.<br \/>\nHe started his business while a junior at Union College. He graduated with honors in economics and his senior thesis was on the valuation of investment real estate. The self-storage units he owns and operates are worth well over $2 billion today.<br \/>\nThere are no plans to sell the building at 85 Railroad Place, which may be used for overflow space or perhaps to house a new division, he said.<br \/>\n\u201cWith the spread of COVID-19 and government officials adjusting to working from home, my fingers are crossed that we can break ground at 269 Broadway by the end of this year,\u201d said Moser.<br \/>\nVisit www.goprimegroup.com for more information about Prime Group.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Susan E. Campbell Prime Group, a real estate investment company and a major owner\/operator of self-storage units, plans to build a six-story building on Broadway in Saratoga Springs that would become its new office spaces and house other tenants. The company has outgrown its office space at 85 Railroad Place in Saratoga Springs and [&hellip;]<\/p>\n","protected":false},"author":196,"featured_media":34882,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-34881","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Real Estate Investment Company Hopes To Build 6-Story Office Building On Broadway - 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\/2020\/05\/real-estate-investment-company-hopes-to-build-6-story-office-building-on-broadway\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Real Estate Investment Company Hopes To Build 6-Story Office Building On Broadway - Saratoga Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Susan E. Campbell Prime Group, a real estate investment company and a major owner\/operator of self-storage units, plans to build a six-story building on Broadway in Saratoga Springs that would become its new office spaces and house other tenants. 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