By Susan E. Campbell
A 17-acre plot on Route 67 next to East Line Road will soon provide 163 apartments for people working in and around Ballston Spa, according to the developer, Conifer Realty of Rochester, which closed on the purchase of the property on July 1.
The land was purchased from Hal Schultz, a real estate developer who had been working to develop and market the property since 2007.
Brian Donato, project manager at Conifer, said his company paid approximately $2.5 million for the land that will become Blue Heron Trail, a four-phase residential development that may also include about 10,000 square feet of commercial lease space in the final phase.
That’s approximately $150,000 per acre and on the low side of market value, Donato said.
“The property was appraised for more,” he said. “Things are going for up to $200,000 per acre in the area.”