Courtesy of Luizzi Real Estate Development
By Rod Bacon
A significant mixed-use project in Saratoga County is on the cusp of getting underway.
Luizzi Companies, developers of 146 Marketplace, has secured all approvals from the Town of Halfmoon and is waiting on a Payment in Lieu of Taxes (PILOT) agreement prior to breaking ground. Company officials expect to finalize that agreement by June.
According to Christian Luizzi, manager of real estate development, the $175 million development will offer high-end residential and commercial space as well as many amenities for residents.
When completed, which Luizzi estimated will take three to five years and be done in phases, there will be 328 apartments and 82,900 square feet of commercial space. The apartments will be studios, one-bedroom, and two-bedroom units in five four-story buildings. There will also be executive units and penthouses. No condominiums are included in the plan. He said the first apartment buildings will take 18-24 months to complete.
Luizzi Real Estate Development will market the residential part of the project while TRG Realty will market the commercial portion. The entire property will be managed by Luizzi Property Management.
While it is very early in the process, high-end finishes are planned for the apartments. Accordding to Luizzi, they will be as good if not better than those at Starbuck Island, a 260-unit Luizzi project on the water in Green Island that was completed in 2021.
“There will be a variety of price points that will accommodate a large majority of the median income of Halfmoon, but these will be considered luxury units ” he said.
The proposal includes four commercial buildings: a multi-story retail, office, restaurant; two smaller retail buildings; a grocery store; and a coffee shop with a drive-thru.
Ample resident and employee parking has been provided with 1,145 spaces.
“Our intention is to have some small mom-and-pop stores there to give them the opportunity to be part of a great project,” Luizzi said. “We’ve had a lot of interest in the commercial spaces.”
Amenities for residents will include a state-of-the-art gym, pickle ball court, golf simulator, and two planned pools. Luizzi noted that they hope to put in a bowling alley and movie theater as well.
While Luizzi Companies is a multi-pronged organization that does site work, construction and property management, they are not doing the entire project. Peter Luizzi & Bros. Contracting, Inc. is doing all site work but Albany-based BBL Construction Services, LLC is handling the building tasks.
According to information supplied by Richard Harris, AICP, coordinator of building, planning & development for the Town of Halfmoon, the project is sited on 21.85 acres, approximately 36 percent of which is designated as green space. It is located across from a Lowe’s Home Improvement center at the intersection of Route 146 and Old Route 146.
Harris noted that public benefit includes the proposed re-alignment of Old Route 146 and Route 146, and potential improvements at Routes 9 and 146 at an approximate cost of $2.5 million. The design is to be determined by NYSDOT.
There could also be “Welcome to Halfmoon:” signage across the site at Route 146 and Plant Road as well as the installation of a roundabout on Old Route 146.
For further information log on to luizzicompanies.com, click on Luizzi Property Management, go to Residential and then 146 Marketplace.