By Christine Graf
MRK Real Property, a Clifton Park-based real estate development company, plans to invest between $4 million and $5 million to build apartments at Crescent Commons. Located at 1471 Route 9, the retail and office plaza is currently home to several businesses.
According to MRK’s Michael Klimkewicz, “the units will be built on top of the existing plaza’s footprint. All of the existing tenants will remain, and there will be a new roadway going out to Plank Road which will be done this fall.”
The current tenants occupy the first floor of the two-story building, and the second floor is currently vacant. The second floor will be converted into apartments, and a third floor will be added to the building. The residential component of the building will have access to Plank Road while the retail component will face Route 9.
MRK owns several office buildings in the area, and Klimkewicz said it was the decline in demand for office space that was the impetus for the company’s decision to build apartments. At one time, the second floor of Crescent Plaza was occupied by office tenants.
“The medical market is very strong, but the demand for general office space has been in decline for the past four to five years, and we found that it was becoming more difficult to keep those spaces occupied long term. So, we looked at alternatives, and one of them was to convert that space into apartments. It just made sense,” he said.
The company received Planned Development District approval from the town of Halfmoon to construct 60 apartments, 40 garages, two new means of access to the plaza, expansion of the Fred the Butcher business, expansion of Emma Jayne’s Restaurant, and a new commercial building on Route 236. Emma Janye’s has already added a 1,400-square-foot deck to the restaurant.
Phase one of development will include construction of 28 apartments and 35 garages, and work on the project is expected to begin in September.
The architect for Crescent Commons is Ken Syvertsen of Syvertsen Rigosu Architects of Clifton Park, and a general contractor has not yet been selected.
The luxury apartments will vary in size from 700 square feet to 1,500 square feet. There will be a variety of floor plans available including one bedrooms, one bedrooms with dens, and two bedrooms. Rents are expected to range from $1,500 to $2,500, and if all goes as plan, the units will be available for occupancy by fall 2024.
“Our market will be empty nesters and young professionals. It will be an upscale facility,” said Klimkewicz.
“It’s going to be a walkable community. You will be able to walk to Fred the Butcher, Emma Jane’s, Rite Aid, the liquor store, the dog groomer, the barber shop. That’s the beauty of it. There’s also new ATM that will be built on the southwest corner during the first phase,” he said.
He said the second phase of the project will include construction of additional apartments.
“The first phase is easier because it’s a framing project, and we are just going up. We will do phase two when the environment is right based on construction costs and interest rates,” Klimkewicz said.