Peter Rosecrans and Burns Management have plans to construct a building with 72 apartments and retail space at 385 Broadway. The building will have five floors and will have 117,000 square feet. We are back to the micro –apartment concept. There would be 26 ranging in size from 520 to 660 square feet. The other units would range in size from 800 to 1,500 square feet. These would have one and two bedrooms. Rents would start in the $1,250.00 per month range. The project is projected to cost about $20,000,000.00.
This is the same firm that is developing a 105 apartment complex at Excelsior Park.
Tom Newkirk of Saratoga National Golf Course fame owns the property which he purchased in 2011 for $2,000,000.00.
The developer claims the building will have a gym, fiber optic internet, and possibly a doorman.
He is quoted in the Albany Business Journal as saying, “It is exciting, but there is complexity to this. It is kind of like building a ship in a bottle.”
He is working with Phinney Design Group.
He hopes to have the existing building down by February.
Missing from the Albany Business Review article was where he expected all these people to park.