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Category Archives: Business News

Work On Joining And Expanding Two Historic Hotels Continues In Saratoga Springs

Posted onDecember 13, 2021December 13, 2021

By Jill Nagy

Work is proceeding “slowly but surely” on the conversion of two of Saratoga’s grand old hotels into a resort hotel and apartments, said Helen Watson, general manager of the Adelphi Hotel. 

When completed, the Adelphi and Rip Van Dam hotels at 365 Broadway and in Saratoga Springs will be one unit with a five-story addition behind the current buildings and some 100 underground parking spaces. 

Real estate developers and thoroughbred racehorse owners Michael Dubb and Larry Roth recently gained the city’s approval to begin a $50 million project. They intend to renovate and expand with the goal of reviving a piece of the luxury grand hotel era that once made Saratoga a playground for the wealthy dating back to the 1870s.

Plans are for a total of 78 hotel rooms along with 84 one- and two-bedroom apartments. Both in-house restaurants will be enlarged and work is already underway on that part of the project, said Watson.  Both apartment and hotel residents will have access to concierge services, a gym and spa and a ballroom. Being downtown, they will have easy access to shops and restaurants.

Renovation work is almost complete on the Salt and Char, the Rip Van Dam’s restaurant.Watson expects it to reopen next year toward the end of November. Renovation work is also underway on the other restaurant, Morrissey’s, which is in the Adelphi space. It will be doubled in size and, “hopefully,” the addition will be ready for diners by the beginning of 2022, Watson said. Outdoor seating and part of the restaurant have remained open.

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Survey Shows Shoppers In New York ‘Excited’ About Holidays; Some To Spend More

Posted onDecember 13, 2021

Two-thirds of New Yorkers, up from 59 percent a year ago, are somewhat or very excited about the upcoming holiday season according to a new statewide survey of consumers recently released by the Siena College Research Institute (SCRI). 

While a plurality, 43 percent, plan to spend as they did last year, only 17 percent plan to increase their spending compared with 37 percent that say they will spend less. Nearly half, 47 percent, plan to conduct at least 50 percent of their shopping online, down from 57 percent last year, according to the poll.

 When considering the delays and shortages caused by supply chain disruptions, 70 percent of consumers have already or plan to shop earlier than usual, 52 percent will shop more in person forgoing online shopping and a majority, 56 percent intend to spend less than they had planned. Up from only 26 percent a year ago, over a third, 34 percent, now say that they believe in Santa Claus. 

At the same time, 44 percent believe that cryptocurrencies like Bitcoin are legitimate currency. “Belief in Santa and Bitcoin is an odd combo this season but perhaps we’re seeing a changing of the guard,” according to Don Levy, SCRI director. “Belief in Bitcoin’s legitimacy is highest among younger consumers and lowest among those age 65 and above while saying I believe in Santa is most difficult for those 18-34 years of age to express.” 

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State Plans To Add 860 Acres To Moreau Lake State Park Along Stretch Of Hudson River

Posted onDecember 13, 2021

New York state is expanding Moreau Lake State Park by 860 acres. The new lands include  natural habitat along an undeveloped stretch of the Hudson River that will be known as Big Bend Point.  

“The acquisition at Big Bend Point guarantees the protection of a critical habitat and pristine natural resource,” Gov. Kathy Hochul said. “Moreau Lake State Park is visited by hundreds of thousands of outdoor enthusiasts each year for camping, swimming, and exploring its popular trail network. With more people than ever visiting our parks, this acreage will expand options for outdoor recreation in the region and preserve open space in fast-growing Saratoga County.”

The $1.6 million purchase of Big Bend Point was funded by the Environmental Protection Fund. It brings the Moreau Lake State Park’s total acreage to 6,250 acres, making it one of the ten largest parks in the state park system. 

With its proximity to both Lake George and Saratoga Springs, the park is attractive to visitors year-round as it offers ice fishing, cross-country skiing, snowshoeing and other winter activities.  

New York State Parks partnered with the Open Space Institute (OSI) to protect the former logging site at Big Bend Point in the town of Moreau. Bounded by two miles of the Hudson River, Big Bend Point includes wide, established logging roads that can be converted into an accessible trail network for year-round walking, bicycling, birding and wildlife viewing, equestrian riding, and non-motorized winter sports such as cross-country skiing or snowshoeing. 

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State Starts Construction Of $21 Million Affordable Housing Project In Ballston

Posted onDecember 13, 2021

Construction has started on Dominic Hollow Apartments, a $21 million affordable and supporting housing development in the town of Ballston that will create 60 homes, including 30 reserved for adults in need of supportive services.

Dominic Hollow Apartments will be affordable to households earning at or below 60 percent of the Area Median Income. Thirty apartments will be reserved for adults who will receive on-site services provided by RISE Housing and Support Services. RISE is also the project’s developer with CSD Housing in a consulting role.  

“Saratoga County is one of the fastest-growing counties in New York, and the Dominic Hollow Apartments will help fulfill the rising need for affordable housing,” Gov. Kathy Hochul said in announcing the start of the work. “As we continue to emerge from the pandemic, my administration will continue to prioritize investments that allow New Yorkers to find safe, secure, and sustainable housing so they can live healthy and successful lives in the communities they love.”

Services and rental subsidies for 18 supportive units will be funded by the Empire State Supportive Housing Initiative and 12 supportive units will be funded by the state Office of Mental Health. OMH is providing $416,000 annually in operating expenses for the 18 ESSHI units, as well as $477,000 annually for the 12 supportive units.

Officials said Dominic Hollow Apartments is designed to meet the energy efficiency requirements of the New York State Energy Research and Development Authority’s Low-Rise New Construction program and EPA’s ENERGY STAR Certified Homes Program Version 3.1. Sustainable features will include Energy Star or equivalent heating and cooling equipment, appliances, and light fixtures; water-conserving plumbing fixtures; and low- or no-VOC paints, primers, adhesives, and sealants. 

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Four Projects In Saratoga County Get Funds From Regional Economic Development Unit

Posted onDecember 13, 2021

New York state has awarded over $81 million through its Regional Economic Development Council initiative to support 97 priority projects across  the state. 

This year, $150 million in grant funds from Empire State Development was made available on a continuous and competitive basis to support the immediate needs of applicants. Additionally, projects within each region are eligible for a share of $75 million in Excelsior Jobs Program Tax Credits to help attract and grow business in their region.

In Saratoga County, four projects received funding.

“The pandemic toll touched every corner of the state and every sector of New York’s economy, and as a result we must ensure that our recovery does the same,” Gov. Kathy Hochul said. “As we move forward from the pandemic we are using the rolling grant process to build New York state back better by supporting shovel-ready projects with the potential to accelerate new investments and catalyze economic growth in every community.”

“Through a collaborative, bottom up, and regional approach to economic development, these projects were chosen for their innovation, impact on their communities and potential for positive change coming out of the pandemic,” said Lt.  Gov. Brian Benjamin. “Whether it is workforce development, tourism, green investments or domestic manufacturing, we are moving forward to foster a strong and prosperous economy in New York state.”

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Brookhaven Golf Pro Therrien Named A ‘Top 10 PGA Junior Captain’ By PGA.Com

Posted onDecember 13, 2021December 13, 2021
Anthony Therrien is the head golf professional at Brookhaven Golf Course.
Courtesy Brook Haven

Brookhaven Golf Course’s head golf professional Anthony Therrien has been named one of the “top ten PGA Jr. captains” by PGA.com. 

The website, which represents the national golf professional association of more than 29,000 golf professionals and the leading experts on the game of golf, identified Therrien in its article “Ten PGA Jr. League Captains Who Inspired a Decade of Dominance” on Nov. 3.

Brookhaven is located at 333 Alpine Meadows Road in Porter Corners.

Since Therrien joined the staff in 2019, the course has nearly doubled its revenue and increased the number of rounds played in a season by 8,000, according to Brook Haven officials.

“We are certainly extremely proud of Anthony’s work” said Greenfield Town Supervisor Daniel Pemrick. “The physical improvements and great programming are making Brookhaven Golf Course a destination for all ages.”

The article, written in celebration of the PGA Jr. League’s 10th anniversary, celebrated the “rock star coaches who are the lifeblood of the program” that involved more than 64,000 kids nationally this year. 

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Jack Hall Plumbing And Heating Hopes To Build Larger Facility In Town Of Moreau

Posted onDecember 13, 2021

By Jill Nagy

Plans have been delayedfor the move of Jack Hall Plumbing and Heating from its present Glens Falls location to Route 9 in Moreau. 

Owner Ty Hall proposed to construct a new home for the business on land he owns near Northway Exit 17. The new space would be about five times the size of the present building and have room for a training classroom, storage area, offices, loading docks, an exercise center, an indoor truck wash and the operations center.

“We want to expand the company  and put some jobs out there,” Hall said. Business is “crazy right now” and they need more space.

While town officials appear to be happy to have the additional jobs and tax revenue, they are urging Hall to locate his facility near the Northway instead of the Route 9 corridor. In order to build where he wishes, Hall needs a rezoning to C-1, industrial use. 

For now, his eight-acre parcel is partly zoned for residential use and partly for light commercial, essentially office use.

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Company Says Investors Can Use Low-Cost, Risk-Managed Fund Options To Meet Goals

Posted onDecember 13, 2021December 24, 2021
LifeGoal Investments staff rings the closing bell on the New York Stock Exchange.
Courtesy LifeGoal Investments

LifeGoal Investments, a company launched earlier in the year in Saratoga Springs, is offering new tools  it says can make investing more accessible.

Brothers Brett and Taylor Sohns had Wall Street experience when they moved to Saratoga Springs along with family, and decided to focus on making investing easier for do-it-yourself investors. They founded LifeGoal Investments to help people achieve financial goals with easy-to-understand investment products.

On Sept. 9, they officially launched LifeGoal Investments.

Their flagship product, the LifeGoal Homeowner Investment ETF (HOM), intends to help individuals responsibly invest and save for a future down payment on a home. The company in September the launched what thay call “the first ever, patent-pending homeowner, children and vacation investment funds.” The goal-based, risk-managed fund options comes as families and individuals are searching for options amid inflation in the housing market, company officials said.

“Those who want to invest in the stock market, but may not have the time to invest in multiple securities, now have new patent-pending, goal-based choices with a focus on some of the biggest needs and wants: children, vacation and homeownership,” said a company news release.

 According to the company, they use a patent-pending investing process intended to help control volatility and manage risk, while also attempting to keep pace with the underlying inflation of the home prices. To help offset any increase in the costs of housing, the ETF will have modest exposure to stocks in areas like home improvement retailers, construction equipment companies, home builders and lumber companies.

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Sotheby’s International Realty Is Part Of Strategic Partnership With Two Other Firms

Posted onDecember 13, 2021

Select Sotheby’s International Realty in Saratoga Springs is part of a new strategic partnership with Four Seasons Sotheby’s International Realty in South Burlington, Vt., and Peerage Realty Partners of Toronto.

This transaction will expand the company’s market presence into the mid-Hudson Valley Region and Upstate New York. This is Peerage Realty’s fifth partnership with Sotheby’s International Realty, the companies said in a news release.

The partnership will expand Four Seasons Sotheby’s International Realty’s footprint into upstate New York. 

This new partnership will significantly enhance Four Seasons Sotheby’s International Realty’s position as a leading player in the premium residential real estate market throughout Vermont, New Hampshire, and now Upstate New York, positioning it for further growth and future partnership investments.

As result of this transaction, Four Seasons Sotheby’s International Realty, with which Peerage Realty partnered in July 2021, will now have over 303 agents, 48 employees in 23 offices across Vermont, New Hampshire, and New York. The firm’s sales are projected to exceed $2 billion this year, the company said.

The combined company will continue to be led by CEO and Partner Alan DiStasio and President and Partner Laurie Mecier-Brochu. Dan Collins and Lou Izzo from Select Sotheby’s International Realty and Gary DiMauro from Gary DiMauro Real Estate will continue with the company. Andrea Demoracski from Select Sotheby’s International Realty will serve as executive vice president, regional manager for the Upstate New York region.

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Reservation Of State Campsites Hit Record Highs As People Sought COVID-Safe Trips

Posted onDecember 13, 2021

Overnight reservations at campgrounds operated by the Office of Parks, Recreation and Historic Preservation (State Parks) and the state Department of Environmental Conservation (DEC) climbed to record highs this year as visitors embraced safe, healthy, and affordable recreation during the COVID-19 pandemic. 

Through Columbus Day in October, campsites, cabins and cottages at State Parks campgrounds were occupied for 787,103 nights, surpassing the previous 2019 record of 684,820 nights by 15 percent, according to state data. DEC campgrounds were occupied for 394,401 nights, surpassing the previous 2016 record of 354,521 nights by more than 10 percent. 

“The numbers don’t lie,” said Gov. Kathy Hochul. “People have shown how much they appreciate all that our state campgrounds have to offer, especially as the pandemic made outdoor recreation more desirable than ever. Not only are our campgrounds, affordable, clean, and safe, but with these sites being so vital to New York’s tourism economy, my administration will continue to do all we can to ensure New York remains a top destination for campers.”

Officials said that over the last decade, as improvements were being made statewide under the NY Parks 2020 capital program, total overnight stays at campgrounds have risen nearly 45 percent.

State Parks operates 68 campgrounds, featuring 8,179 campsites, 825 cabins, 18 yurts, and 136 full-service cottages with amenities like power, kitchen, bath, beds, living room, and outdoor living space. 

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