{"id":38300,"date":"2023-01-09T12:14:09","date_gmt":"2023-01-09T17:14:09","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/?p=38300"},"modified":"2023-01-09T12:14:09","modified_gmt":"2023-01-09T17:14:09","slug":"prime-companies-has-long-range-plans-for-apartment-complex-near-train-station","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2023\/01\/prime-companies-has-long-range-plans-for-apartment-complex-near-train-station\/","title":{"rendered":"Prime Companies Has Long-Range Plans For Apartment Complex Near Train Station"},"content":{"rendered":"
\"\"
Hudson Square luxury apartments on Van Schaick Island in Cohoes is a project of Prime Companies. The group\u2019s proposed project in Saratoga will be close to identical to it, the company says.
Courtesy Prime Companies<\/figcaption><\/figure>\n

By Paul Post<\/p>\n

Cohoes-based Prime Companies has a project approved in Saratoga Springs and is waiting for the stars to align, financially speaking, before going ahead with construction.<\/p>\n

That\u2019s the firm\u2019s strategy for a proposed upscale apartment and townhouse complex to be called Saratoga Station Square on the south side of Station Lane, off West Avenue, in Saratoga Springs, near the Amtrak station.<\/p>\n

Plans call for a 2024 construction start on four, four-story apartment buildings with 338 units, 48 townhouses, a 376-space underground parking garage and amenities such as a saltwater swimming pool, outdoor fire pits, pizza ovens and kitchen, putting greens and bocce courts.<\/p>\n

\u201cSaratoga Springs is arguably the best place in Capital Region to live,\u201d Prime Companies principal Dean Devito said. \u201cIt\u2019s regularly voted one of the best small cities in America. When you get people coming in from out of town, deciding where to live, Saratoga constantly gets ranked as having the best quality of life.\u201d<\/p>\n

\u201cAnybody who wants to take a train, you can just walk from the property and go to Montreal or New York City,\u201d he said.<\/p>\n

<\/span><\/span><\/b><\/span>Prime recently paid $2.5 million for 17 acres where the project would be located, between Station Lane and Route 29. Devito said construction, taking from 18 to 24 months, would likely cost from $70 million to $80 million.<\/p>\n

The complex would be almost identical in design to the company\u2019s Hudson Square luxury apartments on Van Schaick Island in Cohoes.<\/p>\n

\u201cWe\u2019re taking that model and reproducing it in Saratoga,\u201d Devito said.<\/p>\n

But the construction timeline will be heavily dependent on the economy \u201cbecause of how high construction costs and interest rates are,\u201d he said. \u201cI\u2019ve been doing this more than 30 years and I\u2019ve been probably through six of these cycles. What we do is get projects ready. When the stars align,\u00a0 <\/span>then we build them. Are the stars going to align in 2024? I can\u2019t tell you right now. But I\u2019ll have a piece of property that\u2019s ready if the time is right.\u201d<\/p>\n

The Station Lane property was previously targeted for a large hotel, which a different developer backed away from. Because of this, however, considerable data for site-plan issues has already been collected, which could hasten the approval process, Devito said.<\/p>\n

But he acknowledged that traffic concerns for the already busy West Avenue corridor could be a challenge.<\/p>\n

\u201cWe\u2019re confident we can address the traffic issues. It\u2019s probably going to be the biggest thing we have to resolve,\u201d he said.<\/p>\n

Prime Companies also developed the Pavilion Grand apartments on Lake Avenue in downtown Saratoga Springs and The Hamlet at Saratoga, which has 145 apartments and 50,000 square feet of retail space near the intersection of Marion and Excelsior avenues.<\/p>\n

\u201cSo we have a presence there and like the market,\u201d said Devito.<\/p>\n

He said the new complex would likely attract both empty-nesters downsizing from single-family homes, and millennials just moving to Saratoga.<\/p>\n

The size of the property creates more opportunity for recreational activities, making it\u00a0 <\/span>more attractive for some people than Prime\u2019s other projects in Saratoga Springs, he said.<\/p>\n

Plans call for 184 one-bedroom apartments, 104 two-bedroom apartments and 50 three-bedroom units.<\/p>\n

\u201cThere\u2019s definitely a housing shortage right now, nationally, and somewhat in our area as well,\u201d he said. \u201cThere\u2019s always going to be enough people to rent the 338 apartments that we\u2019re putting up.\u201d<\/p>\n

Rental fees will likely be higher in Saratoga than at Prime\u2019s facilities elsewhere, simply because of the market\u2019s popularity, but an exact price structure hasn\u2019t been determined.<\/p>\n

\u201cI can\u2019t tell you what the rental market is going to be like three years from now,\u201d Devito said. \u201cI can\u2019t compare it to Hudson Square because Saratoga is a totally different market.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

By Paul Post Cohoes-based Prime Companies has a project approved in Saratoga Springs and is waiting for the stars to align, financially speaking, before going ahead with construction. That\u2019s the firm\u2019s strategy for a proposed upscale apartment and townhouse complex to be called Saratoga Station Square on the south side of Station Lane, off West […]<\/p>\n","protected":false},"author":89,"featured_media":38301,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-38300","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"yoast_head":"\r\nPrime Companies Has Long-Range Plans For Apartment Complex Near Train Station - 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\/2023\/01\/prime-companies-has-long-range-plans-for-apartment-complex-near-train-station\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Prime Companies Has Long-Range Plans For Apartment Complex Near Train Station - Saratoga Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Paul Post Cohoes-based Prime Companies has a project approved in Saratoga Springs and is waiting for the stars to align, financially speaking, before going ahead with construction. 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