By Christine Graf
Gail Krause and Jeffrey Gordon, partners on Park Place on the Peninsula on the Mohawk River in Halfmoon, were awarded $2.8 million in tax incentives for their proposed $44 million, 244-unit apartment complex.
Krause is local realtor and former owner of Krause’s Restaurant & Grove, and Gordon is the co-owner of Albany-based Gordan Companies which manages several million square feet of commercial, retail, and residential space. They specialize in creating “affordable luxury.”
Krause’s plans for the 36-acre parcel of land have changed over the years to meet the demands of the market. She has been working to develop the property for more than fifteen years.
“Back in 2004 or 2005, it was going to be condos,” she said. “I got my approvals for condos, and when the market for condos went bad, I decided not to do condos anymore and started working on apartments around 2008. It was all market driven.”
Four years ago, Krause partnered with Gordon whose brother, Dave Gordon, was involved in the project before his retirement. Although it is Krause’s first major development project, Gordon Companies has numerous luxury apartments in their portfolio including Park Place at Saratoga and Park Place at Wilton.
One of the project’s major hurdles involved the installation of an approximate three-mile sewer extension along Beach, Clamsteam, and Dunsbach roads. The extension will benefit the town because other commercial properties will have the ability to tie into it in the future. Total infrastructure improvements costs for the property are projected at $7.7 million.
Micheli Contracting of Rensselaer started clearing the land and prepping it for construction in 2019. All work was halted due to the pandemic, but crews are back on the job site. Installation of the off-site sewer is currently underway and could be completed by May or June.
“It all depends on the weather, but they are moving along and haven’t slowed down at all,” said Krause. “It’s full steam ahead, and so far, so good. The pipe was delayed, but it’s all there now.”
Supply chain shortages have improved, but material prices remain high. As a result, the total cost of the project could increase as much as 35 percent.
“The shortages haven’t been that bad, and we finally got everything delivered to the site. The vertical is where we are going to run into problems because there are a lot of shortages with things like windows and appliances,” she said. “But the price of everything has gone up a great deal. Prices are up anywhere from 25 to 35 percent.”
The majority of the on-site work has been completed, and construction will begin after the sewer is completed. Although Park Place on the Peninsula has been approved for 244 units, the first phase of construction will include 150 apartments.
There is already a waiting list for the luxury apartments, but it is unlikely that they will be completed until late 2023. The one and two-bedroom apartments will have private entrances and garages. The complex will have a gym, yoga rooms, a clubhouse, 24-hour on-site maintenance, and many other amenities.
“The land is very private, and there will be walking trails and biking trails that will connect right into the Halfmoon Trails. There will be fishing piers, and the Town of Halfmoon will have a park there,” she said. “It’s on the water, and the view is breathtaking.”
Although this is the first project partnership between Krause and Gordon, she said it won’t be the last.
“We are working on other projects, and I can’t discuss it, but there will be more to come. We have a good partnership.”