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.
2 thoughts on “Another Big One May Go Up On Broadway”
The drawings seemed to show parking in the rear. Enough? Probably not.
On Fri, Jul 13, 2018 at 9:11 PM Saratoga Springs Politics wrote:
> John Kaufmann posted: ” 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 woul” >
Well, doing some quick math……. Let’s say that the smallest apartment is the one with the cheapest rent of $1250 per mo. A small living room 10×12 is 120 s.f. A small bedroom is 10×14 which is another 140 s.f. A bathroom 8×10 is another 80 s.f. A kitchen (small) is 10×12 another 120 s.f. That leaves about 60 s.f. for closets.
Of course, the tenants will need to have an appreciation for loud music, late night celebrations, etc.
And how many of these proposed affordable units actually end up charging the advertised “affordable” rents? Doorman….please.