{"id":38373,"date":"2023-02-13T11:12:36","date_gmt":"2023-02-13T16:12:36","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/?p=38373"},"modified":"2023-02-13T11:12:36","modified_gmt":"2023-02-13T16:12:36","slug":"group-invests-in-construction-of-affordable-housing-units-across-from-saratoga-library","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2023\/02\/group-invests-in-construction-of-affordable-housing-units-across-from-saratoga-library\/","title":{"rendered":"Group Invests In Construction Of Affordable Housing Units Across From Saratoga Library"},"content":{"rendered":"
\"\"
This vacant lot on Putnam Street in Saratoga Springs was once contaminated by chemicals. It has been cleaned up and an investment group is aiming to build apartments there.
\u00a92023 Saratoga Photographer.com<\/figcaption><\/figure>\n

By Christine Graf<\/p>\n

It\u2019s been 10 years since First Fairfield Associates, a social enterprise investment firm, announced plans to redevelop a vacant property at 53 Putnam St. in Saratoga Springs.<\/p>\n

\u00a0<\/span>Now an ownership group, Putnam Resources, LLC, is proposing construction of a 60-unit mixed-income condominium building called Putnam Commons. More than $3 million has already been invested to acquire, manage, and clean up the site.<\/p>\n

Local author Jason Letts is among the partners.<\/p>\n

The property is located across the street from the Saratoga Springs Public Library. A dilapidated one-story building that sat on the property was built in 1905 and once housed a dry-cleaning business. The building was razed and several underground petroleum storage tanks were found on the 0.3-acre property.<\/p>\n

Soil testing revealed significant ground contamination that resulted in the property being declared a Brownfield site\u2014a parcel contaminated by low concentrations of hazardous chemicals. The contamination likely resulted from a combination of petroleum and dry-cleaning chemicals<\/p>\n

After five years of chemical remediation, cleanup of the site is complete. It is now certified as a successful state Brownfield cleanup project.<\/p>\n

<\/span><\/span><\/b><\/span>\u201cWithout DEC\u2019s guidance and support, this would have remained a toxic waste dump forever,\u201d said Letts.\u00a0<\/span><\/p>\n

A third or more of the units in the proposed six-story Putnam Commons building will be designated affordable housing units, Letts said.\u00a0 <\/span>These units are expected to be priced below $200,000. The other units will be offered for sale at market price.<\/p>\n

Former Saratoga Springs mayor Joanne Yepsen, a public affairs specialist at Yepsen & Pikulski, has been enlisted to assist with various facets of the project. She said the ownership group feels very strongly about making the condominiums inclusive and affordable.\u00a0<\/span><\/p>\n

\u201cIn this case, we are very lucky because we have impact investors as the private landowners and developers. They have the mission of being socially just and environmentally efficient as part of their business plan,\u201d Yepsen said. \u201cThey see this project as benefitting the community, and they are willing to take a hit on their ROI as long as they are fulfilling the mission of the project which is to help bring affordable units to a downtown, core, prime location\u2014units that will be for purchase–and ensuring that everyone has equal access to those units.\u201d<\/p>\n

It is because of Putnam Resource\u2019s commitment to environmental stewardship that the building will be energy efficient and carbon neutral.<\/p>\n

\u201cThat is a huge environmental plus for the city of Saratoga Springs,\u201d said Yepsen.<\/p>\n

Putnam Resources has partnered on the project with two local nonprofits, Habitat for Humanity and Rebuilding Together Saratoga County. While Habitat for Humanity is known for building affordable housing, Rebuilding Together focuses primarily on repairing homes and revitalizing communities.\u00a0<\/span><\/p>\n

\u201cThe nonprofit partners will be helping to secure funding. There are certain grants that require a nonprofit to be the applicant because they want to make sure that the nonprofit is driving the mission of the project,\u201d said Yepsen. \u201cThe nonprofits will also be the ones approving the eligibility status for the affordable units.\u201d<\/p>\n

According to Letts, Putnam Resources has applied for a grant from the New York Empire State Development (ESD) Restore NY Communities Initiative. The grant money would enable them to increase the number of affordable housing units within the building.\u00a0<\/span><\/p>\n

\u201cWe really want to have at least 50 percent that are affordable. We\u2019re looking at under $200,000. Our goal is to have as many of those units as possible. Without the grant, we won\u2019t be able to have as many affordable units, but it\u2019s still going to happen.\u201d<\/p>\n

The grant application was submitted at the end of January after receiving unanimous support from the City Council. In a press release, Saratoga Springs Mayor Ronald Kim voiced support for Putnam Commons and described the project as \u201ca welcome answer to the city\u2019s chronic need for more affordable housing, and a positive end to a long Brownfield cleanup journey for the property owner\/developers, as well as put the property back on the city property tax rolls.\u201d<\/p>\n

Letts said that the city\u2019s support is integral to success of the project.<\/p>\n

\u201cWe\u2019re so glad to have the resolution from the city council as well as their very authentic and outspoken support. We feel like we are going to have good luck with the planning board as well.\u201d \u00a0<\/span><\/p>\n

Now that the application has been submitted, Letts said they will move ahead with the architectural and approval process.<\/p>\n

\u201cI did this to get involved in the community, and I really hope that as we get to the later stages of the project that it will inspire other people, regardless of their backgrounds, to also get involved in their community and make a difference in whatever way the can.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

By Christine Graf It\u2019s been 10 years since First Fairfield Associates, a social enterprise investment firm, announced plans to redevelop a vacant property at 53 Putnam St. in Saratoga Springs. \u00a0Now an ownership group, Putnam Resources, LLC, is proposing construction of a 60-unit mixed-income condominium building called Putnam Commons. More than $3 million has already […]<\/p>\n","protected":false},"author":89,"featured_media":38374,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-38373","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-construction-planning"],"yoast_head":"\r\nGroup Invests In Construction Of Affordable Housing Units Across From Saratoga Library - 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\/02\/group-invests-in-construction-of-affordable-housing-units-across-from-saratoga-library\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Group Invests In Construction Of Affordable Housing Units Across From Saratoga Library - Saratoga Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Christine Graf It\u2019s been 10 years since First Fairfield Associates, a social enterprise investment firm, announced plans to redevelop a vacant property at 53 Putnam St. in Saratoga Springs. \u00a0Now an ownership group, Putnam Resources, LLC, is proposing construction of a 60-unit mixed-income condominium building called Putnam Commons. 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