Courtesy Richard Askew
By Christine Graf
Developer Richard Askew is in the process of choosing a contractor for a $4 million, 29-unit apartment complex on Station Lane in Saratoga Springs.
The complex will be built on an 8.43-acre parcel of land that Askew purchased in 2017 for $165,000. It is located just west of a two-acre parcel that was purchased by local entrepreneur Russ Faden. Faden and real estate developer Scott Lansing are already seeking approval from the city to build a 50-unit apartment and retail complex on the property.
“We are in the process of choosing a contractor, and that should happen within the next three months,” said Askew, who owns Rondack Building Inspections in Schenectady, .
The project has approval from the Planning Board and is awaiting final approval from the city Design Review Commission.
The apartment complex will consist of a trio of three-story buildings. Apartments will measure approximately 900 square feet and have two bedrooms and two bathrooms. Monthly rents are expected to range between $1,800-$2,000.
Askew said he is concerned about the long-term impact the COVID-19 pandemic on the economy and the rental market.
“We’re a little skeptical to a certain degree about unemployment,” he said. “But these are nice apartments, and having a location in the city of Saratoga does make a difference.”
Askew said Station Lane apartments will appeal to renters who want to be close to the city but prefer a quieter environment.
“It’s quieter than if you are right in the middle of the city, but you are still not far. You’re close to downtown, SPAC, the hospital and the high school,” he said. The land behind the development is designated “forever wild. It’s going to be very quiet back there.”
Construction on the Station Lane apartments is expected to begin in early spring of 2021. It is projected to take between nine and 12 months to complete, he said.