Saratoga Business Journal

Orangetheory Fitness Chain Opens Branch At The Crossing Shopping Center, Clifton Park

July 7, 2017

By Liz Witbeck

Orangetheory Fitness has opened a new location at 54 Crossing Boulevard in The Crossing Shopping Center, Clifton Park.

Orangetheory Fitness is a franchise fitness studio based in Boca Raton, Fla. The company started in 2007. There are currently more than 625 locations in 45 states and 10 countries around the world.

Other area locations include Niskayuna and Albany. Another recent fitness studio launched in the town of Victor.

The basis of Orangetheory Fitness is its heart-rate monitored, group fitness, interval training classes. The company offers group personal training workouts based on high-intensity interval training that blends cardiovascular and strength training.

When participants walk into the glowing, orange room, they are given a heart monitor. The heart monitor keeps track of vital signs. There are large screens on the walls that monitor each participant’s heart rate during class. Participants can see their progress in real time. This allows them to motivate themselves and become more competitive, not just with themselves, but with other gym members, according to the company.

Marcus Hepp is the studio manager of the Clifton Park location. He has a degree in physical fitness and previously worked for Planet Fitness.

“People like to see their results,” said Hepp, of the wall-mounted screens. “The visual aid helps motivate them further. They ask themselves, ‘How can I better that?’”

Participants are also emailed their results after class. This helps them record results and stay on track toward their fitness goals.

SPARK Saratoga Group Sponsors A Speaker Series For Those Seeking To Grow A Business

July 7, 2017

SPARK Saratoga, an entrepreneur incubator and early stage company accelerator developed by Saratoga Economic Development Corporation (SEDC), announced its first Summer Speaker Series for entrepreneurs ready to grow their businesses.

The series features established professionals who have sold their company to Time Inc., led Microsoft new product rollouts, called shots on brand and marketing for Fortune 500 companies, wrote checks as investors and much more.

Invitations to the series are reserved for SPARK Saratoga’s admitted business project teams, representing 17 Capital Region businesses to date and SEDC member investors. New project teams having undergone SPARK Saratoga market opportunity analysis and having accepted mutually agreed action plans supporting their development will also receive invitations.

Interested entrepreneurs can visit www.SparkSaratoga.com to initiate review of their idea or existing early stage business status.

“When we announced our aggressive five-year growth plan to Advance Saratoga jobs and investment, a key element was boosting local entrepreneurs capacity to grow here,” said Dennis Brobston, president of SEDC. “With the help of area talent on our Advisory Team, we framed its objectives and rolled out SPARK Saratoga in April.

“With this series of workshops, we are now implementing a critical element to help our project teams develop by aligning them with talented professionals motivated to support our community and its next generation of innovators. That’s a value to families looking to keep young people here, second and third career skilled workers and retirees ready to get into business for themselves, and to our current investors competing to build on their legacy for more future success.”

Business Report: Mid-Year Economic Outlook

July 7, 2017

Stephen Kyne, partner, Sterling Manor Financial LLC.
Courtesy Sterling Manor Financial LLC

By Stephen Kyne

We’re halfway through 2017, so it’s time to take a look at how the year is progressing, and where we see the remainder of the year going, in terms of risks and opportunities in the economy.

The economy has grown at a faster-than-expected pace so far this year. First quarter GDP has been revised up, twice, and well exceeds expectations. Almost all of the S&P has reported earning for its first fiscal quarter of the year, and are trending toward a year-over-year growth of upwards of 20 percent (12 percent, not including the energy sector). These are largely due to top line revenue increases, meaning that increased profits are largely due to business growth, rather than cost cutting. We expect this trend to continue throughout the year.

Inflation is holding steady, in line with 2016 figures, at roughly 2 percent. Some inflation, perhaps counter-intuitively, is fundamentally good for the economy. When we expect goods and services to be more expensive tomorrow than they are today, we make purchases today, which means inventories need to be replenished, which puts people to work and gives them money to spend on the things they want and need. Without some inflation, the economy stagnates.

Another driver of spending this year may be interest rates. The Fed increased rates another .25 percent in June, as was expected. With the Fed finally making good on promises to increase the rates they charge banks, we’ll see that increase reflected in higher mortgage rates. The expectation of higher future rates pushes fence-sitting potential buyers into the housing market. As a result we’ve seen, and will likely continue to see, increased sales of new and previously owned homes. The same will likely be true of any purchases which are typically made on credit, including automobiles and business capital items.

An asset class that may be hurt by rising interest rates, however, would be bonds – specifically many bond funds. As newly issued bonds carry higher interest rates, the value of previously issued bonds, with relatively lower interest rates, should decrease. These changes should be reflected in the overall value of the funds that hold them.

Business Report: Wealth Management From Ground Up

July 7, 2017

Brian M. Johnson, director of business development. New York Long Term Care Brokers Ltd.
Courtesy Long Term Care Brokers Ltd.

By Brian M. Johnson, MBA, CLTC

If you’re approaching age 50 or thinking of retirement, keep this acronym in mind “SWAN.”

Surveys from folks in this retirement planning age group are interesting because these concerns are almost always in their answers to questions such as: What do you worry about after your working years are over?

Here are some top-concerns:

• Outliving my money.

• Keeping my nest-egg secure (no or little risk of principal).

• Dieing to soon.

• Becoming sick or disabled which in turn could eat up my retirement nest-egg.

• Becoming dependent on my children.

• Leaving a meaningful and significant legacy to my children/grand-children/charity.

These concerns are real-life and can happen to any of us without proper planning

People Getting Older, Wanting To Downsize, Have Options Available In Saratoga County

July 7, 2017July 7, 2017

Joan Taub of Berkshire Hathaway HomeServices in Saratoga Springs says condos are a downsizing options and one of the attractions is not having to bother with maintenance.
©2017 Saratoga Photographer.com

By Liz Witbeck

As people get older, homes they have lived in for so many years may start to seem too spacious for their need. There are maintenance issues and money issues involved with a larger place.

Downsizing is an option for many people, and there are many options available in the Capital Region.

“A lot of people are retiring here” said Joan Taub, a licensed associate real estate broker at Berkshire Hathaway HomeServices in Saratoga Springs. “This area offers so much. People aren’t fleeing New York like they used to. This area offers things for you intellectually and physically. You have the ability to stay right downtown living in a condo. You can walk everywhere. You’ll stay young living here.”

Meg Minehan, an associate broker with Roohan Realty in Saratoga Springs, said the area “is much more responsive now to the 50-and-older community. We couldn’t say that 10 or 15 years ago.”

“A good portion of my clients are baby boomers,” said Jane Sanzen, a licensed associate broker at Julie Co. Realty in Saratoga Springs. “Empty nesters are driving this growth. High-end, luxury living is a very attractive segment for this population.”

Properties available in this area range from $200,000 up to a $1 million, said Minehan, “So there is something for everybody,” she said. She said there are many active 50-year-olds living in the area and for them, being in Saratoga Springs is a good way to keep up with their active lifestyle.

AARP: States Must Accelerate Pace Of Improving Long Term Care Services For Elderly

July 7, 2017

With baby boomers beginning to turn 80 in 2026, states must accelerate the pace of improving long-term services and supports (LTSS) for older people and adults with disabilities, according to AARP’s new state scorecard released in June.

The report, Picking Up The Pace of Change: A State Scorecard on Long-Term Services and Supports for Older Adults, People with Physical Disabilities, and Family Caregivers (Scorecard), shows that although most states have made some progress, the pace of change overall remains too slow and has not kept up with demographic demands.

LTSS includes assistance with activities of daily living provided to older adults and people with disabilities who cannot perform these activities on their own because of physical, cognitive, or chronic health conditions. The types of assistance include such things as help with bathing, dressing, managing medications, preparing meals, and transportation, as well as support for family caregivers.

“This Scorecard sounds the alarm, but it also provides a range of tools states can use to spark new solutions and create systems that are aligned with the new realities of aging and living with a disability,” said Susan Reinhard, RN, Ph.D. and senior vice president and director of the AARP Public Policy Institute. “The proposed cuts to Medicaid—the largest public payer of long-term assistance—would result in millions of older adults and people with disabilities losing lifesaving supports.”

The Scorecard was funded by AARP Foundation, the Commonwealth Fund and the SCAN Foundation. It is the third edition of the Scorecard.

Officials said the Scorecard ranks states based on their performance on LTSS in five main categories: affordability and access; choice of setting and provider; quality of life and quality of care; support for family caregivers; and effective transitions between nursing homes, hospitals and homes

Within the five categories, states are scored on their performance in 25 specific indicators, including such things as Medicaid spending, nursing home cost, home health aide supply, antipsychotic medication use in nursing home residents, long nursing home stays, employment rate of people with disabilities, and support of working caregivers.

“This new Scorecard shows that it’s time for all states to accelerate care improvements for older adults and people with disabilities,” said Dr. Bruce Chernof, FACP, president and CEO of the SCAN Foundation. “States that consistently rank at the top have strategically planned for their aging population across the main sectors of health, housing, transportation and family caregiving.”

Project Proposed For Malta Town Center Area To Have Retail Space And Apartments

July 7, 2017July 19, 2017

This is a rendering of a four-story. 60,000-square-foot building that will be built by Windsor Development Group. It will have retail on the first floor and apartments above.
Courtesy Windsor Development Group

By Jennifer Farnsworth

The building up of Malta’s town center is continuing, aided by a project being done by Windsor Development Group of Clifton Park.

The company is planning a large development that will be in the heart of the town center, featuring a eateries, retail space and apartments—all in an area that residents can walk to.

The property will be located in Clifton Park, in front of the Village Plaza shopping center, with an address of 11-15 Clifton Country Road.

Bob Miller Sr., CEO of Windsor, a real estate development and professional property management firm, said the space was an immediate draw to him because it coincides with Malta’s vision for a town center that will draw people in.

“The goal is to bring people into the center, this is definitely a project that will help to accomplish that,” said Miller.

Miller said there are two separate properties that are part of the project, and Windsor Development will be tackling one at a time. The project calls for a 7,100-square-foot building and a four-story. 60,000-square-foot building.

Local Plumbers Union State-Of-The-Art Training Center Key To Filling Jobs In Region

July 7, 2017

At the Plumbers and Steamfitters Local 773 training center in Queensbury, instructors teach the current technologies for the fast-changing industry. Here, they work in a ‘clean room’ setting.
Courtesy Local 773

By Maureen Werther

For the 450 members of Plumbers and Steamfitters Local 773, the outlook regarding the future of jobs is good. Its state-of-the-art training center in Queensbury continues to prepare journeymen for the fast-growing list of jobs in and around the region, union officials said.

Located at 37 Luzerne Road in Queensbury, the team of expert instructors and support staff at Local 773 serves seven counties that span from Saratoga County to the Canadian border. They provide qualified pipefitters, welders, plumbers, HVAC workers and fire-suppression experts to industries ranging from commercial and light industrial to high-tech companies such as GlobalFoundries.

The $5-million facility was built in response to the rapid increase in apprenticeships the union experienced seven years ago, officials said. It was located on Bluebird Road in South Glens Falls but was no longer able to accommodate the union’s growing membership.

“Our members decided to invest in growing,” said Nelson Charron, marketing representative for Local 773 and longtime member of the union.

New Building Proposed On Lake Avenue On Parcel That Currently Houses Moby Rick’s Seafood

July 7, 2017

By Maureen Werther

When local attorney Tom West and his wife, Renee, began looking for investment properties in the city, their first thought was to buy a two-family house.

But, when their son, Andrew, came to them with an idea for bringing 9 Miles East Farm products and menu offerings into the city proper, their focus turned to a local market that has been a mainstay on Saratoga’s east side since the 1870s.

The small parcel of land on the corner of Lake Avenue and Warren Street has been home to one kind of market or another since 1873, when Pepper’s Market and Deli first opened for business. In 2012, the market became home to Moby Rick’s Seafood, a destination for fresh fish and accompanying delicacies straight from the wharfs of Boston and Long Island.

Rick Lofstad Jr., owner of Moby Rick’s, had been looking for ways to reinvigorate his market. Meanwhile, 9 Miles East Farm Pizza owners, Gordon and Mary Sacks, had also been toying with new strategies for expanding their farm-to-table enterprise in Schuylerville.

When owner Robert Pringle, decided to sell the Lake Avenue property, it set up a “perfect storm” for the Wests, Lofstad and Sacks to transform the property into a combined farm-to-market and net-to-market destination.

“We signed on the property the first day we saw it,” said West, whose law firm, The West Firm PLLC on Broadway, focuses on environmental law, litigation and transactional issues.

“This was a spur-of-the-moment enterprise,” he said.

NYRA Names Architect For New Track Building

July 7, 2017

The New York Racing Association, Inc. (NYRA) announced that SOSH Architects has been selected as architect of record for the proposed At the Rail building at Saratoga Race Course.

Pursuant to the Request for Proposal (RFP) issued by NYRA in February, SOSH Architects will oversee design, bid and construction administration services for the possible development of a building to be located immediately adjacent to the end of the clubhouse.

Founded in 1979, SOSH Architects has built a global reputation through decades of work in designing, planning and building large scale hospitality spaces, according to NYRA officials.

Separately, NYRA will be consulting with Matt Hurff, partner at Frost Hurff Architects based in Saratoga Springs, during critical design stages of the project to ensure all historic preservation standards are met, officials said.

Hurff has extensive experience working on significant projects at Saratoga Race Course, including renovations to the historic Pony Barn and paddock mutuel building, construction of new dormitories, the Saratoga Walk of Fame and the Clubhouse escalator.