Category Archives: Business News

Promenade Apartments, a $20 million affordable and supportive housing development located in downtown Saratoga Springs, has been completed.

Financed in part with $16.5 million in low-income tax credits through New York State Homes and Community Renewal, the development is providing 63 affordable homes, including 10 apartments reserved for homeless veterans.

Promenade Apartments consist of a four-story building with 41 apartments and three two-story townhouse-style buildings with a total of 22 units. Altogether, the development features 31 one-bedroom, 26 two-bedroom, and six three-bedroom apartments—all affordable to households earning at or below 80 percent of the area median income, state officials said.

It was developed by Norstar Development USA, LP, and the Saratoga Springs Housing Authority. Supportive services will be provided by the Veterans & Community Housing Coalition.

Amenities include Energy Star appliances, a community room with laundry facility, a fitness room, storage space for tenants and an outdoor playground area. The development is also located within a half-mile of retail stores, schools, bus transportation lines, pharmacies, banks, libraries, health centers, grocery stores and restaurants.

The units are at 1 South Federal St., on he same property at Stonequist apartments.

By Jill Nagy

Roma Foods Importing Co., an Italian specialty foods company with stores in Saratoga Springs and Latham,  has a new owner and will soon have a new name, expanded menus, and enlarged facilities.

Cardona’s Market, a similar business located in Albany, bought the Roma business in June. They are building a large production kitchen at the Latham location and expanding the kitchen in Saratoga at 222 Washington St., according to Robert Cardona, one of the three brothers who own the company.  In time, the Roma locations will be renamed Cardona’s, he said.

The Cardona brothers, August, Robert Jr., and  Anthony, are the third generation to own the business which was founded in downtown Albany in 1945. Roma also traces its roots to Albany, where it was founded by Frank Bolognino in 1946. His four sons ran the business at the time of the sale. They plan to retire but Frank’s granddaughter, Nicole Bolognino, who manages the Latham store, is staying on through the transition.

The Saratoga store “cranks out sandwiches like crazy,” said Robert Cardona Jr.

Under the new ownership, the store will continue to feature sandwiches but will offer a greater variety, he said. Cardona’s catering menu will be introduced to the Saratoga Springs store, along with expanded take-out items, a steam table for hot food, more “grab and go” offerings, and a few cafe seats for customers who prefer to eat inside.

The new owners expect to move some equipment around and change the layout of the store for better customer flow and shorter waits, Cardona said.

Muroff Hospitality Group announced the sale of The Lake George Suites, 3678 Lake Shore Drive in  Lake George.

The owner of a Long Island air conditioner and pump manufacturing company has purchased the resorts, a six-bedroom home and 20 boat slips for $3.2 million.

R.E. Hansen Industries Inc. of St. James is the new owner.

Mitch Muroff of Muroff Hospitality Group represented the Seller and secured the buyer in a confidential listing presented only to qualified buyers.

The transaction closed on Tuesday, June 15, Muroff said.

The manager who previously oversaw the property will continue in the same position under the new ownership, he said.

GlobalFoundries has announced its expansion plans for its most advanced manufacturing facility in upstate New York over the coming years. The plans include immediate investments to address the global chip shortage at its existing Fab 8 facility in Malta, as well as construction of a new fab on the same campus that will double...

By Christine Graf

Arnoff Global Logistics is seeking approval to expand its 40-acre Malta headquarters, the former home of Racemark International.

The fifth-generation, family-owned moving, storage and logistics company has been in business for 97 years and has a satellite location in Duchess County. They relocated to Malta almost five years ago after outgrowing their Albany headquarters.

“We decided to buy the property and create what we call a logistics campus where companies can come to us with a logistics requirement or a logistics problem,” said company president Mike Arnoff.

Approximately 125 of Arnoff’s 200 employees are based in Malta where the company has invested more than $16 million during the past five years, he said.

“We renovated the existing 70,000-square-foot building on the site that was vacant and we’ve since expanded that building twice to about 175,000 square feet. We also built a truck garage on the property,” said Arnoff.

“Encompassing our campus, we also have office space for companies. We have warehouse space to rent, we have Arnoff-managed warehouse space to operate in, and we provide a multitude of different services for our clients in a campus setting.”

The proposed expansion has a price tag of $18.7 million and would include the construction of two buildings. If approved, an estimated 45 new jobs would be created over the course of the next three years. In order to offset the cost of the project, the company has applied for various tax incentives through the Saratoga County Industrial Development Agency.

By Christine Graf

Spa City Motor Lodge, a 42-room motor inn located at 413 Broadway in downtown Saratoga Springs, opened in June after undergoing major renovations.

Formerly known as the Downtowner, the hotel was purchased in 2017 by Lark Hotels, a hotel management and development company located just outside of Boston. The company paid $4.55 million for the property and has invested an undisclosed amount in renovations.

“We love the idea of breathing new life into these great memory maker properties. I think that if you look at Spa City Motor Lodge, it’s really an iconic roadside motel that just happens to be in the best location in Saratoga Springs,” said Blood. “We’ve always been focused on amazing locations, and I can’t think of a more amazing location than downtown Saratoga Springs. You can walk out the door and do almost anything that you want to do.”

After Lark purchased the property in 2017, renovations to the interior of the hotel were made. The most recent renovation included upgrades to the HVAC system, a refresh of the interior, and an entire exterior renovation. The company worked with Phinney Design Group of Saratoga Springs and Sano Rubin Construction of Albany.

The hotel was closed during the six months that the renovations took place.

“Guests are responding very well, and we’ve been getting good feedback. And our neighbors are saying ‘thank you’ for the exterior renovation. That’s been the one missing piece that hasn’t had a refresh in a long time. The façade was not attractive and it had no curb appeal,” said Blood. “We’re so excited that we were able to do that and get it open for the summer.”

Blood described 2020 as a “terrible” year for the hotel industry as a whole but said his company’s properties are experiencing a huge surge in bookings for July and August.

The New York Racing Association, in conjunction with the Capital District Transportation, announced on July 6 the return of a summer tradition— breakfast at Saratoga Race Course.

In mid-June, with growing adult vaccinations among adult New Yorkers, Gov. Andrew M. Cuomo announced the removal of COVID-19 protocols and restrictions for nearly all activities and industries, including outdoor sports and entertainment venues. Accordingly, NYRA opened all sections at Saratoga Race Course at 100 percent capacity.

Breakfast at Saratoga welcomes guests to enjoy a morning meal on The Porch of the Clubhouse at Saratoga Race Course while the thoroughbreds train on the main track. Breakfast is held daily from 7-9:30 a.m. and is available on a first-come, first-served basis. Reservations are not accepted.

There is no breakfast on Runhappy Travers Day, Saturday, Aug. 28 and Labor Day, Monday, Sept. 6.

NYRA also announced a attractions, entertainment and events for the season.

“We are excited to welcome everyone back for the 2021 Saratoga racing season,” said Jonathan Scherzer, CDTA director of marketing. “We’re expecting full trolleys and a lot of excitement for the meet as the Capital Region resumes all the special events we have come to enjoy. There is so much history and tradition surrounding Saratoga Race Course. There just isn’t a better place to be this summer.”

After months of closure due to the COVID-19 pandemic, the Saratoga Springs Heritage Area Visitor Center opened July 8.

“We couldn’t be happier to reopen the Visitor Center,” said Darryl Leggieri, president of Discover Saratoga. “With summer travel heating up and COVID-19 restrictions lifted, it’s critical to have a place in our community where locals and visitors alike can go to gain important information about our city. We’d like to thank Mayor Meg Kelly, Commissioner Michele Madigan, and the entire City Council of Saratoga Springs for making this possible.”

The Heritage Area Visitor Center has adjusted its hours to Tuesday through Saturday from 9 a.m. to 5 p.m. Unvaccinated individuals are asked to maintain social distancing and wear a mask while inside the building.

“After more than a year of being closed, we are pleased to reopen the Heritage Area Visitor Center,” said Mayor Meg Kelly. “Welcoming all our visitors and community members is a true joy. Thank you to Discover Saratoga for their willingness to open and provide this important service.”

Discover Saratoga has plans to offer community programs at the Heritage Area Visitor Center throughout the summer, including the Summer Concert Series in historic Congress Park. This free, family-friendly event will take place Sundays in July through July 25 and Tuesdays in August (Aug. 3-24) from 7 p.m. to 8:30 p.m.

By Lisa Balschunat

The Children’s Museum at Saratoga will move into a portion of the Lincoln Baths in the Saratoga Spa State Park this fall.

The museum is located at 69 Caroline St., in Saratoga Springs which has been its home for about the last two decades.

It serves 30,000-40,000 visitors annually and has reached its capacity of 8,000 square feet, said museum Executive Director Sarah Smith.

“With the move to the Lincoln Baths, the museum will be doubling its space to 16,000 square feet. We will be turning a fabulous building in the New York State Park back to public use,.”

It has been unoccupied for several years.

“We are so thankful to the community for supporting The Children’s Museum over the years,” Smith said, “and, we are so excited to grow again.”

Months prior to the start of the coronavirus pandemic, the museum board of directors underwent a strategic plan initiative that included taking another look at an old idea to have the museum inhabit the Lincoln Baths.  After a lengthy study, the board agreed the  timing was right.

The new location will have ample parking and easier access off Northway Exit 13.

Envision Architects PC of Albany and Bonacio Construction of Saratoga Springs will design and renovate the space, respectively.

The New York Racing Association, Inc. (NYRA) and FOX Sports have announced the return of Saratoga Live, the critically-acclaimed and award-winning television show providing in-depth coverage and analysis of the 40-day summer meet at historic Saratoga Race Course.

Presented by America’s Best Racing and Claiborne Farm, Saratoga Live will provide full card coverage of nearly every race day to a national audience on the FOX Sports family of networks.

The 2021 summer meet, which will mark the return of fans to Saratoga following the lifting of COVID-19 protocols in New York state, will feature 76 stakes worth $21.5 million in total purses highlighted by the 152nd renewal of the Grade 1, $1.25 million Runhappy Travers on Saturday, Aug. 28, NYRA said.

Season six of Saratoga Live will offer fans the most extensive and comprehensive coverage yet with more than 220 hours of live programming during the 2021 summer meet, which runs from Thursday, July 15 through Labor Day, Monday, Sept. 6. With the exception of Whitney Day, Travers Day and Labor Day weekend, which feature a first post time of 12:30 p.m., Saratoga Live will begin at 1 p.m.

FOX broadcast network (FOX) will present a special opening weekend show on July 17 highlighted by the 83rd running of the Grade 1, $500,000 Diana. For the third consecutive year, FOX will air the Grade 1, $1.25 million Runhappy Travers on Saturday, Aug. 28 as part of 6.5 hours of Travers Day coverage on FOX and FOX Sports.

“Nothing tops a summer day at Saratoga,” said Michael Mulvihill, FOX Sports executive vice president, head of strategy and analytics. “With the world’s greatest racing meet back in front of full crowds, we couldn’t be more excited to celebrate with an opening weekend special on FOX featuring the Diana Stakes. Our expanded coverage across FS1 and FS2, bookended with the Runhappy Travers in August, gives horseplayers a full summer of action and highlights our unique partnership with NYRA.”