{"id":37637,"date":"2022-07-11T13:12:47","date_gmt":"2022-07-11T17:12:47","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/?p=37637"},"modified":"2022-07-11T13:12:47","modified_gmt":"2022-07-11T17:12:47","slug":"conifer-realty-plans-to-expand-portfolio-with-new-apartment-complex-on-excelsior-ave","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2022\/07\/conifer-realty-plans-to-expand-portfolio-with-new-apartment-complex-on-excelsior-ave\/","title":{"rendered":"Conifer Realty Plans To Expand Portfolio With New Apartment Complex On Excelsior Ave."},"content":{"rendered":"<figure id=\"attachment_37638\" aria-describedby=\"caption-attachment-37638\" style=\"width: 1000px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-37638\" src=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2022\/07\/brewery-hc-sm.png\" alt=\"\" width=\"1000\" height=\"717\" srcset=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2022\/07\/brewery-hc-sm.png 1000w, https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2022\/07\/brewery-hc-sm-300x215.png 300w, https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2022\/07\/brewery-hc-sm-768x551.png 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-37638\" class=\"wp-caption-text\">This is the former Olde Saratoga Brewery on Excelsior Avenue in Saratoga Springs. Conifer Realty plans to raze the buildings and put up two structures that will have 102 apartments.<br \/>\u00a92022 Saratoga Photographer.com<\/figcaption><\/figure>\n<p>By Susan Elise Campbell<\/p>\n<p>Progress is slow but steady on North Spring Run, a proposed<span class=\"Apple-converted-space\">\u00a0 <\/span>apartment complex in northeastern Saratoga Springs according to Michael Birkby, senior project\u00a0director of Conifer Realty.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>The firm is under contract to purchase property at 131 Excelsior Ave. and build 102 apartments in the complex.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>The Rochester-based developer plans to construct two buildings on the 4.2 acre site that had been home to Olde Saratoga Brewery.<span class=\"Apple-converted-space\">\u00a0 <\/span>The company owns and manages some 15,000 apartment units in four states and has multifamily complexes in the Capital District and parts north.<\/p>\n<p>\u201cWe are hoping to obtain site plan approval before the end of summer and move quickly toward a closing,\u201d Birkby said. \u201cConstruction may begin as early as the end of this year.\u201d<\/p>\n<p>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.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p><b><span class=\"s1\"><span class=\"s2\"><!--more--><\/span><\/span><\/b>\u201cThe Design Review Commission and Zoning Board of Appeals in Saratoga have deferred action until the site plan application appears before the Planning Board,\u201d Birkby said. \u201cWe have been trying to get on the agenda for the past two months\u201d and anticipated an initial appearance at the July 14 meeting.\u201d<\/p>\n<p>Total project costs are estimated at $38.8 million. According to Birkby, this development will target a mix of market-rate and workforce units.<span class=\"Apple-converted-space\">\u00a0 <\/span>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.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>Conifer\u2019s internal team reviewed comps for rents and amenities to ensure North Spring Run will be competitive in the local marketplace, he said.<\/p>\n<p>\u201cWe are still refining our rental plan, but market rate rents will be consistent with those already seen in Saratoga Springs,\u201d he said. \u201cWorkforce rents will be based on 80 percent of the area median income.\u201d<\/p>\n<p>Birkby said the project\u2019s architect and engineering firms will be Clarke Caton Hintz and The LA Group, respectively. Conifer-LeChase Construction will solicit bids from local subcontractors.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>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.<\/p>\n<p>Conifer Realty owns and manages Blue Heron Trail in Ballston Spa and has other properties and projects in preliminary stages in the county.<\/p>\n<p>Visit coniferllc.com for more information.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Susan Elise Campbell Progress is slow but steady on North Spring Run, a proposed\u00a0 apartment complex in northeastern Saratoga Springs according to Michael Birkby, senior project\u00a0director of Conifer Realty.\u00a0 The firm is under contract to purchase property at 131 Excelsior Ave. and build 102 apartments in the complex.\u00a0 The Rochester-based developer plans to construct [&hellip;]<\/p>\n","protected":false},"author":89,"featured_media":37638,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-37637","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - 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