Developers plan to test-market $1.7M+ condos on Saratoga race crowd - The Business Review (Albany):

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The 66,000-square-foot Pavilion Grand, plannex for Lake Avenue, will be test-marketed in the next two monthx after the stateAttorney General'a Office reviews designs. The projecrt will include eight multi-stor y residential condos with penthouses and rooftop Asking prices will beabout $1.7 million and higher. The buildinyg also will include five office condow that will occupy a totakof 17,000 square feet, plus four retail spacesx that will be sold on the first floor. The sale pricew on those units will beapproximately $250 a square foot and higher. "We've already had calls from accounting and legal said DeVito, of Cohoes-based .
The projecft cannot be marketed until it receivesd approval from theAttorney General'es Office. DeVito and business partner Ken Raymon acquired the Lake Avenue parcel last monthy fromfor $1.15 million. Raymoned and DeVito had signed an optioh on the former gas station property about two years ago under thename . Stewart' s President Gary Dake said recently that if he had the chanc to sell the propertyover again, he would have negotiatesd a higher price. "It's an said DeVito. The property is a block from the Broadwag business district and a bloc k fromCaroline Street.
And it's part of an area, knowjn as the 'gut,' that's expected to attractg a lot of new investments over the nextseveral years. is buildinfg a 123-room Hampton Inn Suites across the road from the proposecPavilion Grand. Builder James who operates Teakwood, recently partnered with interiofr designers to purchase theformer Nemec's Feed Store buildinbg on nearby Henry Street. Saskk and the owners of Plum and Crimsoh Fine Interior Designpaid $750,000 for the building and plan to invest about $800,000 to restore it and convert it into a one-stol shop for construction, architectural, building, plumbing and home furnishintg needs.
Hotel operator Michael Hoffman and developer Frank Parillok said they selected the Lake Avenue site for the Hamptonm Innbecause it's so close to shops and restaurants. It is also a few hundreds feet from the Saratoga SpringsCity Center, whichh hosts more than 100 conventionj groups each year. The residential condos at Pavilion Gran d will range in size fromabougt 3,600 square feet to 4,600 square Each unit will includre more than 1,000 square feet of rooftol gardens, terraces and outdoor living. "Wed are trying to create somethinfg unusual. Outdoor living in the city," DeViti said. Test marketing will focus on summer visitors andracing fans.
Marketing will be handler by Vicki Castillo, a retired thoroughbrede jockey, owner and trainer who now works as a ColdwellBanker agent. "Normally, we don't test-market, but because these propertied areso unique, we will test it DeVito said. Depending on when the project receivesfinalp approval, DeVito hopes the firstr contracts will be signed by late summer or early Construction likely will not start until a few of the unitx are pre-sold. That makees it easier to get bank funding, he said.