A portion of this Excelsior Park neighborhood being developed was sold to James Burns and
Peter Rosecrans Jr. of Burns Management, an Albany-based real estate management company.
BY MAUREEN WERTHER
The path of real estate development rarely
runs swiftly or in a straight line, as evidenced
by the changes occurring at the Excelsior Park
development site located just minutes from
downtown Saratoga.
Nearly 10 years ago, John Witt of Witt Construction
originally envisioned the property to
contain more than 200 condominiums. But, as
the market for condominiums lessened, the
project was shut down after the first 30 units
were built and sold.
As the real estate market surged, Witt
resurrected his project, albeit with a different
focus on the types of units being built.
In response to the need for affordable rental
units in and around town, Witt sold a portion
of the Excelsior Park neighborhood to
James Burns and Peter Rosecrans Jr. of Burns
Management, an Albany-based real estate
management company.
The company paid $1.58 million for the
property and plans to invest another $20 million
on construction of the units.
Peter Rosecrans, a partner with Burns Management,
noted that they are a “management
firm and not a construction firm.” Therefore,
they have hired British American as the construction
manager for the project.
Witt’s re-designed neighborhood also includes
the construction of 18 row houses and
he is awaiting final approval from the city
planning board to create what he calls a “little
jewel neighborhood” within walking distance
to the vibrant downtown area. The cost of
the homes will range from mid-$200,000 to
$300,000 or more.
As a lifelong resident of Saratoga Springs,
Witt has a passion for preservation and for
creating living environments that complement
the city and its history. He stressed the
significance of the property, noting that is it
the site of the historic mud baths.
When he first began building on the site,
he constructed the Spruce Run Trail, a now
popular path for joggers and dog walkers. Witt
donated that trail to the city and sees it as a
great connector between the new development
and the downtown area.
Witt also worked with architect and urban
planner, Dominick Ranieri on the design of
the apartments and row homes and said he
is “thrilled” with the plans for the new community.
Rosecrans is also excited about the project,
which he expects to be in full swing by the
spring. Rosecrans said he’s been aware of
the project since its inception and thought it
was a great piece of property because of its
proximity to the downtown area, its access to
the nearby trails and its convenience to the
Northway.
When they were approached by Witt about
a year and a half ago with a proposal for taking
over the construction management of the
rental portions of the site, they felt it was a
great opportunity.
Burns Management currently owns 18
apartment complexes in Albany, Saratoga, and
Schenectady counties. Its focus is on creating
“a high end, customer-service oriented lifestyle
experience” for their tenants and they
are excited about the rentals they’ll be able
to offer prospective tenants at the Excelsior
Park, said Rosecrans.
They are particularly excited about the
project’s ability to offer unique unit types to a
diverse clientele, ranging from young professionals
to retired people looking to downsize
but not sacrifice comfort and amenities. All
apartments will include interesting floor
plans, high end appliances and countertops
and parking.
“Each apartment building has 27 below
grade parking spaces, plus additional lots
dedicated specifically to the apartment dwellers,”
noted Rosecrans.
Witt said residents who need to get into the
downtown area in a hurry will have easy access
to the bus route, which picks up at nearby Excelsior
Avenue. Both he and Rosecrans anticipate
the city trolley adding Excelsior Park as a
stop on its route as the neighborhood grows.
Burns Management has already begun
receiving rental inquiries and, in addition to
its own property management team, is “100
percent supportive of outside realtors bringing
in potential renters,” said Rosecrans. The
studio units will range in size from 630 square
feet to 700 square feet, with a monthly rent
between $1,050 and $1,200. The one- and
two-bedroom units will be between 1,200 to
1,350 square feet and cost between $1,800 and
$2,300 per month.