Saratoga Business Journal
Five Corners Development, a local residential developer based in Saratoga Springs, joined its national partner,The NRP Group, recently to present a multi-phase concept plan for the redevelopment of the Albany-Saratoga Speedway to the Malta Town Board. Once approved, the planned development will transform the roughly 50-acre property into a vibrant retail and residential neighborhood along the busy Route 9 corridor through northern Malta, adding hundreds of units of housing and compelling retail concepts along the gateway of a growing community.
The partners have recently placed the property under contract after learning of the landowner’s desire to sell the site as raw land through a local brokerage company. Currently, there is no closing date set and the racetrack is anticipated to continue running at least through its 60th anniversary racing season in 2025.
The initial development process began with a presentation to Malta’s Town Board. Planning reviews are expected to commence over the coming months.
“Five Corners Development is thrilled to play a part in the continued responsible growth in Malta and Saratoga County,” said the company’s founder and principal Sumeet Gupta of Saratoga Springs. “Even in these early stages of the development, we have been in discussions with interested tenants such as daycare centers, restaurateurs and widely renowned Fiden’s Brewing. While preliminary, the select parties we’ve chosen to speak with are very excited about the opportunity to be in Malta. This project truly represents a comprehensive transformation of the Route 9 North corridor, with a focus on meeting the immediate residential needs of the town and county.”
With rapid business expansion underway in Malta and Saratoga County, including a second fabrication plant planned for nearby GlobalFoundries, the local mixed-income housing supply requires similar growth. According to the Capital District Regional Planning Commission’s 2024 Capital Region Affordability Study, the average rental cost in Saratoga County increased by 8.8 percent from 2022 to 2023 alone, while wages increased by only 3.3 percent. Additionally, a third of current residents in Malta are paying more than 30 percent of their income towards housing. Overall, the average Saratoga County renter would need to increase their earnings by more than 20 percent to afford a two-bedroom unit in the county, while an average two-person household would need to increase their earnings by more than $100,000 to afford the median home price in Saratoga County.
“The NRP Group’s experience in developing housing nationwide spans from market-rate and mixed-income to affordable, workforce, senior, veteran housing and more,” said The NRP Group’s Senior Vice President of Development–New York, Jonathan Gertman. “We couldn’t be more excited to bring a full suite of housing options to Malta, expanding our Capital Region footprint which includes projects in Saratoga Springs and the town of Bethlehem.”
The partners have committed to include measures in the development that will honor the nearly 60-year legacy of motorsports at Albany-Saratoga Speedway. While still in the early stages of conceptualization, the partners hope to consult longtime racing participants and their families in creating a lasting tribute to the speedway’s storied history.
Residents and interested persons may learn more about the development proposal by visiting https://www.camberridgemalta.com/.