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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.