SARATOGA SPRINGS — A new five-story building targeting a prominent Broadway location signifies the most current new mixed-use development anticipated to be built in the city. The .73-acre site on the west side of Broadway is bordered by The Stadium Café to the north and Druthers to the south.
The multi-story building at 385 Broadway will feature approximately 10,000 square feet of retail/commercial space on the first floor, and 69 multi-family residential units on the upper levels. The proposed project moved through the city’s Land Use Boards in late 2018.
Demolition of the existing 22,000-square-foot building is expected to begin in the next few weeks, with construction slated to begin as soon as demolition is completed, according to the Albany Business Review. The project is being developed under the name Broadway 385 LLC, a partnership that includes Tom Newkirk, owner of Saratoga National Golf Club, and Peter Rosecrans Jr. of Burns Management. Rosecrans did not return a phone message seeking comment for this article.
An earlier proposal presented to the city in July 2018 called for 72 apartments - 27 of which were designated as “micro apartments. Revised plans depict an overall decrease of the number of residential units to 69 - with micro-units measuring 500 to 650 square feet. The proposal also notes the providing of 49 parking spaces.
Two of the building’s current tenants – National, and Frivolous are expected to take up residence on the ground floor of the new building, which will have the potential to add a third tenant.
The building at 385 Broadway was sold at a bank foreclosure auction to Newkirk for $2 million, according to a Daily Gazette article in December 2011.