SARATOGA BUSINESS JOURNAL • AUGUST 2014 • 1
SBJ P.O. Box 766 Saratoga Springs, NY 12866
SARATOGA BUSINESS JOURNAL
VOL. 20 NO. 8
HH The Business Newspaper of Saratoga County HH
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OCTOBER 2015
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Two Companies Propose Multi-Use Buildings Churchill Downs’ Transition To Ownership With Parking, Housing, Shops Off Broadway Of Casino And Gideon Putnam Moves Ahead The first phase of the partnership between Saratoga Harness Racing Inc. and Churchill Downs Inc.’, in Louisville, Ky., is complete. The acquisition of a 25 percent stake in Saratoga Casino Holdings LLC was first announced last fall. It was said to be a $30 million deal at the time, but is now listed at of $24.8 million. Churchill Downs is the site of the annual Kentucky Derby. Saratoga Casino Black Hawk in Black Hawk, Colo., Saratoga Casino and Raceway in Saratoga Springs, and a 50 percent interest in a joint venture to manage the Gideon Putnam Hotel and Resort in Saratoga Springs by Delaware North Companies, are included in newly formed Saratoga Casino Holdings. “The purchase price remains subject to final adjustments for SCH’s working capital related to the transferred New York operations,” as obtained from Louisville Business First. Due to the transfer of interest expected to take several more months,
This rendering shows the ‘promenade’ area of the proposed Highrock Village on the spot where city-owned parking lots between Maple Avenue and High Rock now exist. Housing is on both sides. Courtesy Parmount Development Group LLC
By R.J. DeLuke Two groups—a Syracuse-based development company and a Capital Region partnership— have proposed multi-million dollar plans to build mixed-use projects on the city-owned parking lots along High Rock, Maple and Lake avenues in Saratoga Springs. Both have presented plans to the City Council. Mayor Joanne Yepsen said she will try to set up a meeting this month—date to be determined by her planning staff—where representatives from both development groups will give a public presentation. It will be open to the public. She said she will also form an internal technical review team that will go over the proposals. “We want to move swiftly,” she said. The mayor said the mixed-use aspect is preferable to the somewhat controversial first proposal that emerged, involving Saratoga City Center. She feels the council can make an informed choice this year and construction could start in 2016. The City Center had proposed a $10.4 million, 480-space parking structure on 1.62 acres of the site. The city center would have leased the land from the city for 20 years. But it is opposed by some in the community, including a citizens group named Citizens for High Rock. Members of the group didn’t care for the city center’s project design. It has said it prefers a dense, mixed-use development. The two new proposals contain plans for housing, parking and retail shops and perhaps offices. Paramount Realty Group LLC in Syracuse plans a $77 million multi-use project called Highrock Village Richard deVito, a partner with the group, said his proposal consists of housing priced to appeal to some of the local workforce, senior housing, condos, shops and a pedestrian promenade. It will also provide parking spaces for residents and the general public. The group has partnered with Community Builders, which has an office in Albany, on the project, located on 2.6 acres of land behind City Hall. The other proposal is from Hyman Hemispheric LLC of Voorheesville and Sequence Development LLC of Troy. Jeff Hyman of Hyman Hemispheric LLC said his plan is in the area of $82 million. There is flexibility in the plans and there
could be many “tweaks” while the process moves along, through meetings with the city and other stakeholders, he said. But basically, there would be about 100 market-rate apartments for rent, and retail and office segments. Hyman said about 656 parking spaces would be included that would be divided among the City Center, the city itself, residents and shoppers. Said deVito, “We’re talking about 259 parking spaces for the City Center, more than they requested. Then 30 or so spaces to the city. About 140 for the residents and about 178 for the general public,” de Vito said. The public spaces, he said, would be free for first hour, and a small fee for extra time; yet to be determined. The company is seeking a 49-year lease on the land and tax-exempt bonds for the parking garage. Paramount’s funding, deVito said, is already in place. He said once built, the city would get a base rent, plus a 50 percent share of revenues. He estimated that could be some $100,000 per year for the city coffers. “The mix of shops and restaurants occupying the space will compliment the offerings in an already thriving downtown, extending the vitality of the Broadway corridor to Maple and High Rock avenues and helping to activate space, creating a vibrant, plaza-type atmosphere,” said the 98-page report submitted by Paramount to the city. The courtyard, at grade with Maple avenue, will be open to the public and “serve as a focal point of activity for residents and community members and will be a logical connection between points of interest in the surrounding neighborhood.” From the Mouzon House restaurant in the north end of the lot, the view would not be of a mammoth parking garage, but of the scenic promenade with shops and activity, he said. Because of the slop of the land, the view from Maple Avenue would appear like a three-story building and from High Rock as a five stories, the developer said. “Our project is a reflection of the needs of the community,” he said. The project is dubbed Highrock Village. The developer said he was staying at the Hampton Inn Suites, across the street from the project site, and became curious about the lot, when the lot caught his attention. He viewed it as Continued On Page 15
the deal will be split into two separate transactions,“Upon receipt of applicable approvals from the Colorado Division of Gaming, (Saratoga Harness Racing) will contribute its controlling interest in Saratoga Casino Black Hawk in Black Hawk, Colo., to (Saratoga Casino Holdings),” said a news release. “At such time, CDI will pay the remainder of the purchase price to SHRI of approximately $6.4 million for CDI’s pro-rata ownership of Colorado operations, subject to adjustments for working capital,” according to the agreement reached between Saratoga Harness and Churchill Downs Inc. The $40 million hotel expansion under construction and expected to open in the spring is included in Saratoga Casino and Raceway. A five-year management contract signed last year between the two companies stipulated that Saratoga Casino and Raceway and Saratoga Casino Black Hawk would be managed by Churchill Downs.
Healthy Living Market Offers Sandwiches And More At Cafe´ In Downtown Saratoga Springs
Kathryn Medeiros, left, of Healthy Living Market, poses in the company’s new café in downtown Saratoga Springs with Marta Townsend, bakery manager, and Brian Page, café manager. ©2015 Saratoga Photographer.com
BY LIZ WITBECK Healthy Living Market has opened a new café in downtown Saratoga Springs. Located at 420 Broadway, the café is housed in the Washington Building alongside Northshire Bookstore and Saratoga Cycling Studio. The café and grocery store was interested in expanding their brand to downtown Saratoga Springs. They started seeking out locations in 2014. “We were interested in expanding,” said Brian Page, sous chef at Healthy Living. “We wanted to get more people in the area interested in our store.” “People have been very receptive to the fact that we exist,” said Marta Townsend, an employee at the café. “It’s more convenient for them to come here, downtown.” Many customers are now finding it easier to stop into the Broadway location to pick up their favorite cup of coffee or sandwich than travel to the main Healthy Living supermarket, located in Wilton. The café offers a pared down menu that is
rotated often with customer favorites. Customers will find breakfast sandwiches, deli sandwiches, freshly made salads, bakery items and pastries, as well as a coffee and juice bar. Healthy Living Market is known for catering to many types of diets and food sensitivities. Customers can find vegan and gluten-free options. One of Page’s favorite items is the black bean quinoa salad. “We try to diversify everything we do,” said Page. The staff believes it is the dedication to high-quality ingredients that helps Healthy Living Market stand out from other options in the area. “Everything is made from scratch with the best ingredients we can find,” said Townsend. “We try to buy organic when we can.” The café is open every day of the week from 9 a.m. to 4 p.m. For more information, call 682-3501. Healthy Living Market opened its main store in the Wilton Mall in 2013. The main market’s website is www.healthylivingmarket.com.