{"id":34931,"date":"2020-06-18T23:37:13","date_gmt":"2020-06-19T03:37:13","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/?p=34931"},"modified":"2020-06-19T10:05:56","modified_gmt":"2020-06-19T14:05:56","slug":"developer-plans-20-unit-apartment-complex-in-saratoga-springs-costing-about-4-million","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2020\/06\/developer-plans-20-unit-apartment-complex-in-saratoga-springs-costing-about-4-million\/","title":{"rendered":"Developer Plans 20-Unit Apartment Complex In Saratoga Springs Costing About $4 Million"},"content":{"rendered":"
\"\"
This is a rendering of a $4 million, 29-unit apartment complex planned by developer Richard Askew on Station Lane in Saratoga Springs.
Courtesy Richard Askew<\/figcaption><\/figure>\n

By Christine Graf<\/p>\n

Developer Richard Askew is in the process of choosing a contractor for a $4 million, 29-unit apartment complex on Station Lane in Saratoga Springs. <\/span><\/p>\n

The complex will be built on an 8.43-acre parcel of land that Askew purchased in 2017 for $165,000. It is located just west of a two-acre parcel that was purchased by local entrepreneur Russ Faden. Faden and real estate developer Scott Lansing are already seeking approval from the city to build a 50-unit apartment and retail complex on the property. <\/span><\/p>\n

\u201cWe are in the process of choosing a contractor, and that should happen within the next three months,\u201d said Askew, who owns Rondack Building Inspections in Schenectady, . <\/span><\/p>\n

The project has approval from the Planning Board and is awaiting final approval from the city\u00a0 <\/span>Design Review Commission.<\/span><\/p>\n

The apartment complex will consist of a trio of three-story buildings. Apartments will measure approximately 900 square feet and have two bedrooms and two bathrooms. Monthly rents are expected to range between $1,800-$2,000. <\/span><\/p>\n

Askew said he is concerned about the long-term impact the COVID-19 pandemic on the economy and the rental market. <\/span><\/p>\n

\u201cWe\u2019re a little skeptical to a certain degree about unemployment,\u201d he said. \u201cBut these are nice apartments, and having a location in the city of Saratoga does make a difference.\u201d<\/span><\/p>\n

Askew said\u00a0 <\/span>Station Lane apartments will appeal to renters who want to be close to the city but prefer a quieter environment. <\/span><\/p>\n

\u201cIt\u2019s quieter than if you are right in the middle of the city, but you are still not far. You\u2019re close to downtown, SPAC, the hospital and the high school,\u201d he said. The land behind the development is designated \u201cforever wild. It\u2019s going to be very quiet back there.\u201d<\/span><\/p>\n

Construction on the Station Lane apartments is expected to begin in early spring of 2021. It is projected to take between nine and 12 months to complete, he said.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

By Christine Graf Developer Richard Askew is in the process of choosing a contractor for a $4 million, 29-unit apartment complex on Station Lane in Saratoga Springs. The complex will be built on an 8.43-acre parcel of land that Askew purchased in 2017 for $165,000. It is located just west of a two-acre parcel that […]<\/p>\n","protected":false},"author":196,"featured_media":34932,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-34931","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-construction"],"yoast_head":"\r\nDeveloper Plans 20-Unit Apartment Complex In Saratoga Springs Costing About $4 Million - Saratoga Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2020\/06\/developer-plans-20-unit-apartment-complex-in-saratoga-springs-costing-about-4-million\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Developer Plans 20-Unit Apartment Complex In Saratoga Springs Costing About $4 Million - Saratoga Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Christine Graf Developer Richard Askew is in the process of choosing a contractor for a $4 million, 29-unit apartment complex on Station Lane in Saratoga Springs. 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