Just when you thought real estate in Downtown Saratoga Springs couldn’t get any hotter, think again.
According to a newly published feature in the Albany Business Review, the block in Saratoga that stretches, roughly, from 385 Broadway—the site of a soon-to-begin construction project for a five-story apartment complex that includes nearly 70 new apartments and 9000 square feet of new retail space—to 25 Washington Street, where the Universal Preservation Hall lies in wait to be a massive entertainment draw, has become nothing short of a goldmine for local real estate investors. All told, the valuation of the area is currently more than $130 million.
Within that elbow of Downtown real estate, of course, lies the newly renovated Adelphi Hotel (365 Broadway), along with an already planned project to open a six-story, 157-room hotel in the building next door at 353 Broadway; and a third hotel project from the investors behind the Adelphi at 19-23 Washington Street, featuring 58 rooms and a spa (set to open in 2020). Per the Business Review, it’s the most important series of projects in Downtown Saratoga in some 20 years.
In terms of the big picture, that single area of development is now as hot, among top real estate investors, as some of the trendiest current real estate markets such as Nashville and Miami. In short, Saratoga is poised for yet another real estate boom.