Saratoga Business Journal

Proposed Project Would Add 382 Luxury Apartments To The Wilton Mall Property

March 13, 2023

This is a rendering of the luxury apartment complex proposed as part of the ‘re-imagined’ Wilton Mall property two development firms are seeking to create.
Courtesy Paramount Development

The Wilton Mall ownership and Paramount Development have proposed adding new multifamily housing to the shopping center property as part of its transformation from strictly a retail facility to a more community centric mixed-use destination.

The project includes 382 new luxury, market-rate rental residences, including both apartments and townhomes. The enhancement to the community will feature premium resident amenities and sophisticated design.

Officials said the $120 million investment in Wilton will drive significant new sales and property tax revenue for Saratoga County and the Town of Wilton.

The housing community’s new residents will translate to new customers spending money at the Wilton Mall as well as surrounding retail, restaurants and entertainment facilities.

According to the developers, recent years have seen unprecedented changes in the retail industry, requiring shopping malls to evolve in response or risk going out of business. In July 2007, Wilton Mall backfilled the former retail space with a grocery store and fitness center. It marked the first steps towards the mall’s mixed use evolution.

In 2018, Wilton Mall experienced two anchor store closings—Sears and Bon Ton. Within two years the Saratoga Hospital opened in the former Sears store. Now Wilton Mall has an opportunity to further expand upon its uses and plans to repurpose the former Bon Ton site with amenity-rich apartments and townhouses.

Business Report: EDC, Our Communities And The Way Forward

March 13, 2023

Jim Siplon, president and CEO, EDC Warren County
Courtesy EDC Warren County

By Jim Siplon

Earlier this year EDC Warren County shared a stark view of the future economy as we age, try to compete with a smaller and smaller workforce, and still build a community and economy that works.

To help catalyze the needed investments, public policy work, and collective actions needed to attract new, younger residents that can support our diversified economy for the long haul, EDC is adding “convener” to our list of roles we play supporting our businesses and communities.

Last year we brought Dr. Rachel Sederberg to Warren County from leading labor market research firm EMSI Burning Glass to share deep insights on the “demographic drought” we are all experiencing. Using that groundbreaking research and aggregating it with local economic data that is current and novel, EDC is now engaged in meeting with as many audiences as we can to share the underlying foundation for our position.

Convening as many groups as we can, EDC is sharing the data over the last 50 years that led to where we are so we can have informed discussions and public discourse on what we must do to navigate and adapt to our new normal.

One lesson I learned over and over in my previous chapters as a military, business and sustainability leader was the value of not rushing to action, especially on problems that took generations to develop.

Business Report: Asset Location: Should I Be Using It?

March 13, 2023

Bill Canty, CPA, CFP, founder, CFM Tax and Investment Advisors.
Courtesy CFM Tax and Investment Advisors.

By Bill Canty

Asset location pertains to the types of investment assets that are best held in various types of accounts. Asset location is a tax minimization strategy that matches various types of investments with the type of account best suited for that type of investment holding.

Asset location is about strategically holding investments in accounts where you are likely to achieve the highest after-tax returns. This includes taxable investment accounts, tax-deferred accounts such as a traditional IRA or 401(k), or tax-free accounts which are usually Roth accounts.

Due to the nature of dividends, interest, or capital gains connected with certain types of investments, it might be most tax-efficient to hold them in one type of account versus another. This is the essence of asset location.

While it is not always possible to align your entire portfolio in a perfect fashion in terms of asset location for each holding, it does make sense to pay attention to this when deciding which investment holdings fit best into your various accounts.

The following types of holdings can be well-suited for a taxable account:

• Municipal bonds or mutual funds holding muni bonds. The interest on these bonds is exempt from federal income taxes, and in some cases from state taxes if they are issued by an entity in the state in which you reside.

• Individual stocks that you plan to hold for a year or more. After this time period, any capital gains from the sale of the shares will be taxed at preferential long-term capital gains rates.

Business Report: Do Millennials Need An Estate Plan?

March 13, 2023

Jason Snyder is a senior associate at Tully Rinckey PLLC.
Courtesy Tully Rinckey PLLC

By Jason Snyder, Esq.

As the largest living generation in the U.S.—making up 22 percent of the population—and collectively having lived through several “once-in-a-lifetime” crises, the millennial generation has been forged into some of the most adaptable planners to date.

From setting personal and professional goals, managing and interacting with their finances and investments, to purchasing their first homes and starting families, many in this group are committed to planning further into the future than ever before.

Despite this, 41 percent of individuals ages 18-34 have never discussed estate planning with anyone. While grim, this number did see some downward motion in part due to the COVID-19 pandemic, as 32 percent of adults under the age of 35 said they only engaged in estate planning due to the pandemic.

So, with these numbers, are millennials right in thinking that they do not need estate plans? What are some of the most common concerns that millennials have when looking to plan their futures? While it’s impossible to capture all aspects of an estate plan in a single article, below is a brief snapshot of why estate plans might be the logical next step for any millennial looking to secure their future.

Broadening our scope, just 33 percent of Americans have a will or living trust, despite the fact that more than 50 percent believe estate planning to be at least somewhat significant. One in three respondents, when asked why they don’t have a will, said they don’t have enough assets to leave behind.

Local High School Students Learn Banking Skills With In-House Credit Union Branch

March 13, 2023

First New York Federal Credit Union opened an in-school branch at BH-BL high school.
Courtesy Burnt Hills-Ballston lake High School

First New York Federal Credit Union has opened a new in-school branch at Burnt Hills-Ballston Lake High School.

The new branch is staffed by student volunteers, who will gain valuable experience by providing basic banking services to their fellow students and staff from the school and district, officials said.

The Spartan Branch joins Schenectady High School’s Patriot Branch as area high schools that now have First New York branches. Bank officials said the in-school branches provide a safe environment for student volunteers to practice real-world skills in banking, marketing, business and more.

Students in the Personal Finance Management and Investing 101 classes, which are focused on teaching financial literacy, money management and responsibility as well as how to be financial savvy with investments, will run the bank for their peers and BH-BL staff.

Banking practices can begin for many students at the elementary schools where student banking options are available. And, in sixth grade, students take a financial literacy course that touches upon money saving, how to manage a checking account, interest rates, taxes and much more.

Moby Rick’s In Mechanicville has Extensive Menu, Take-Out Counter And Bar Space

March 13, 2023

Rick Lofstrad has opened a second Moby Rick’s Seafood restaurant in Mechanicville.
©2023 Saratoga Photographer.com

By Susan Elise Campbell

Moby Rick’s Seafood recently opened its doors at 251 North Main St. in Mechanicville, the second restaurant in Saratoga County owned and operated by Rick Lofstad.

According to Lofstad, by combining fresh product with good marketing, he and his chefs aim to get local patrons hooked on a variety of seafood dishes.

“Right now you can’t put in a net 20 to 80 miles off the east coast without pulling up all kinds of delicious seafood,” he said. Lofstad wants to introduce people’s palates to a wider taste of the sea.

“Craft beer brewers have a tasting room,” he said. “Why can’t a fisherman?”

His idea is to serve smaller flights of fish, not unlike flights of craft beers, for tasting. These are the “ugly fish with spines and horns to protect them from predators,” he said, whose flavors and textures have yet to be discovered by restaurant-goers.

Harness Racing Season Is Off, Running Saturday, Sunday, Monday, Select Tuesdays

February 13, 2023

The 82nd season of live harness racing is underway at Saratoga Casino Hotel with a schedule that consists of racing programs running through mid-Decembear.
Courtesy Saratoga Casino Hotel

Live harness racing returned to Saratoga Casino Hotel for its 82nd season on Feb. 4, starting a schedule that consists of 150 racing programs running through mid-December.

“We’re expecting some great racing this year,” said race secretary Peter Iovino. “We have over $18 million in purses, averaging $120,000 in purses per program.”

In addition, the track will be hosting sire stakes races starting in June featuring the best New York bred horses in the state who will race for over $1 million in purses.

The premier event of the season will be the 14th annual Joe Gerrity Jr. Memorial Pace with a $250,000 purse on Saturday, July 22.

“As in the past, we’re confident this race will attract a field of top pacers looking to break the track record of 1:48:4 set by Dancin Yankee in the 2014 Gerrity,” Iovino said.

The winter, spring and fall schedule will include matinee racing on Sunday, Monday and select Tuesdays, with a post time of noon, and Saturdays with a post time of 5 p.m.

Cleveland-Based Development Group Eyes 202-Unit Affordable Housing Project

February 13, 2023

These units under construction are part of the NRP Group’s affordable housing apartment project called Tait Lane Reserve, off Route 9N on the west side of Saratoga Springs.
©2023 Saratoga Photographer.com

By Paul Post

Running counter to statewide trends, Saratoga County is one of New York’s fastest growing counties, thanks largely to the Capital Region’s vibrant technology industry led by GlobalFoundries’ huge semiconductor plant in Malta.

The U.S. Census Bureau says New York’s population declined by more than 400,000 the past two years, with many people driven away by high taxes and harsh winters.

In contrast, Saratoga County’s population rose 10 of 11 years from 2010 to 2021 including a 2.6 percent increase from 2019 to 2020 alone, as more and more newcomers are attracted to attractive employment opportunities and the area’s year-round cultural and recreational offerings.

“The Capital Region is a unique and special place,” said Jonathan Gertman, the Cleveland-based NRP Group’s senior vice president of development.

But business can’t succeed without an adequate workforce, which depends on providing a place for such people to live. NRP Group is helping meet this demand with construction of a $75 million, 202-unit affordable housing apartment complex called Tait Lane Reserve, off Route 9N on the west side of Saratoga Springs.

Multi-Million Dollar Renovation Of Park Manor Hotel Has Business Ready To Blossom

February 13, 2023

Major renovations were done at the Park Manor Hotel in Clifton Park.
Courtesy Park Manor Hotel

By Paul Post

What a difference a year makes.

In January 2022, new owners took over Park Manor Hotel in Clifton Park, which needed major renovations after being closed for more than two years after foreclosure on the property.

Last April, the 75-room establishment off Northway Exit 9 reopened. That was made possible by a multi-million-dollar renovation project.

“It was a tough project. There was a lot of damage, but we were able to revamp it,” said Yuvraj Chopra, whose father, Ravinder Chopra, purchased the property with partners Vinod K. Chand and Raman K. Aggarwal. “We’re the only unbranded hotel in Saratoga County that offers a boutique luxury experience besides The Adelphi in Saratoga Springs.”

Yuvraj, a 2020 RPI graduate, and his brother, Kuwar, have their own company, All Key Management. It runs the Park Manor Hotel and Hotel Key in Queens. The latter is also owned by their father, Chand and Aggarwal.

Yuvraj’s academic focus was on computer science and business management at RPI. Kuwar went to the University of Delaware where he studied finance and business management, graduating two years ago.

Amy Smith Leads Chamber Board In 2023, Following Footsteps Of Her Mother As Chair

February 13, 2023February 13, 2023

Amy Smith is chair of the Saratoga County Chamber of Commerce board of directors.
Courtesy Saratoga County Chamber of Commerce

Amy Smith, owner of the Saratoga Arms Hotel on Broadway in Saratoga Springs, became the new chair of the Saratoga County Chamber of Commerce board of directors on Jan. 1.

Her mother, Kathleen Smith, held the same leadership position in 1998, so the duo becomes the first mother-daughter combination to lead the Chamber board in its 105-year history.

“My family is grateful to live in and serve this incredible community,” said Smith. “We believe the Chamber played a key role in the city’s turnaround, especially during the recent pandemic. Numerous local businesses, nonprofits, local leaders, and residents count on the Chamber to be a visible and vocal leader.

“I’m honored to take on the responsibilities of this position as we look to move forward, from surviving to thriving, once again.”

Joining Smith on the board of directors are: Tara Pleat, of Wilcenski & Pleat, as immediate past-chair; Chad Kiesow, of Stewart’s Shops, as chair-elect for 2024; Randy Metevier, of Applied Materials, as vice chair; and Eric Hennessey, of UHY Advisors, as treasurer and secretary.

Smith appointed three local leaders to serve one-year terms on the 2023 board. They are Najja Thompson of the New York Thoroughbred Breeders Association, Maggie Fronk of Wellspring, and Johanna Friedman of the Saratoga Springs City School District.

The board has a total of 27 members.