TRANS­FOR­MA­TION

Vic­tory Mills to be­come apart­ment build­ing, mi­cro­brew­ery

The Saratogian (Saratoga, NY) - - FRONT PAGE - By Sarato­gian staff

VIC­TORY, N.Y. >> A his­toric for­mer man­u­fac­tur­ing fa­cil­ity will soon be­gin its trans­for­ma­tion into a large apart­ment build­ing and mi­cro­brew­ery in one of Saratoga County’s largest eco­nomic de­vel­op­ment ini­tia­tives in a decade.

This $60 mil­lion en­deavor, by Re­gan De­vel­op­ment, is ex­pected to re­vi­tal­ize the long-va­cant Vic­tory Mills, lo­cated on Gates Av­enue in the Town of Saratoga’s Vil­lage of Vic­tory.

The hulk­ing con­crete and wood struc­ture, built in 1918 and listed on the Na­tional Reg­is­ter of His­toric Places, has fallen into se­ri­ous dis­re­pair since it closed as a pack­ag­ing man­u­fac­turer in 2000.

How­ever, de­vel­op­ers are en­vi­sion­ing the five-story, 230,000-square-foot man­u­fac­tur­ing fa­cil­ity as the new site for 186 apart­ment units and a com­mer­cial mi­cro­brew­ery at the site.

Con­struc­tion is an­tic­i­pated to be­gin in 2020, and will take ap­prox­i­mately two years to com­plete.

The de­vel­op­ment will cre­ate 142 one-bed­room and 43 two-bed­room units to help fill a demon­strated need for work­force hous­ing in Saratoga County.

Apart­ments will be priced to ap­peal to a wide range of peo­ple work­ing in lo­cal schools, busi­nesses and ser­vice or­ga­ni­za­tions.

A Westch­ester Coun­ty­based en­tity that spe­cial­izes in re­de­vel­op­ment projects of this type, Re­gan De­vel­op­ment has a proven record of suc­cess across the North­east, with a portfolio that in­cludes more than $384 mil­lion in new con­struc­tion and adap­tive re­use projects.

The pro­ject will sup­port more than 100 con­struc­tion jobs dur­ing a two-year pe­riod, with an es­ti­mated an­nual pay­roll ex­ceed­ing $5 mil­lion.

Ad­di­tion­ally, the apart­ment com­plex and brew­ery are ex­pected to ini­tially cre­ate eight full-time jobs.

Through an agree­ment ap­proved unan­i­mously by the Saratoga County In­dus­trial De­vel­op­ment Agency, the prop­erty will gen­er­ate $7.5 mil­lion in PI­LOT (pay­ment-in-lieu-of-taxes) pay­ments over the next 30 years – 23 times more than if the prop­erty re­mained va­cant.

“In trans­form­ing an iconic but un­used build­ing into a mod­ern res­i­den

tial and com­mer­cial com­plex, this pro­ject epit­o­mizes the best of eco­nomic de­vel­op­ment,” said Marty Vanags, Pres­i­dent of the Saratoga County Pros­per­ity Part­ner­ship, a Saratoga County-based eco­nomic de­vel­op­ment or­ga­ni­za­tion, in a press re­lease. “We are thrilled to have played a crit­i­cal role in ad­vanc­ing a pro­ject that will re­vi­tal­ize a his­toric struc­ture, cre­ate jobs, gen­er­ate fi­nan­cial sup­port for lo­cal schools and gov­ern­ments, ad­dress a crit­i­cal need for work­force hous­ing, and help to rein­vig­o­rate a com­mu­nity.”

“We al­ways wel­come the op­por­tu­nity to bring new life to a prop­erty that was once a cor­ner­stone of the com­mu­nity,” said Larry Re­gan, pres­i­dent of Re­gan De­vel­op­ment, in the re­lease. “We ap­pre­ci­ate the sup­port of lead­ers in vil­lage, town and state gov­ern­ment, as well as the Saratoga County Pros­per­ity Part­ner­ship and Saratoga County IDA, and look for­ward to what will be an ex­cit­ing pro­ject.”

New York State Sen­a­tor Daphne Jor­dan called the pro­ject is a true win-win for Saratoga County. “It con­tin­ues the le­gacy of Vic­tory Mills by pro­vid­ing work­force hous­ing that will sup­port our strong com­mer­cial ex­pan­sion and di­verse econ­omy. This type of thought­ful eco­nomic de­vel­op­ment con­trib­utes to the con­tin­ued eco­nomic growth and suc­cess of our re­gion,” she said in the re­lease.

“The abil­ity to take a long-past prime, be­he­moth prop­erty that is not serv­ing the present com­mu­nity and breathe new life into it with a mixed-use com­mer­cial space is ex­actly what the Vil­lage of Vic­tory needs,” added New York State Assem­bly­woman Car­rie Woerner. “This pro­ject aligns per­fectly with Saratoga County’s vi­sion for a brighter, more ro­bust eco­nomic and cul­tural fu­ture.”

Su­per­vi­sor Tom Wood said the pro­ject is a gamechange­r for the Town of Saratoga, “one that will pay div­i­dends for gen­er­a­tions to come,” he said in the re­lease. “The re­newal and re­pur­pos­ing of Vic­tory Mills as an apart­ment com­plex and brew­ery will ad­dress an im­por­tant com­mu­nity need, pro­vide a tremen­dous fi­nan­cial im­pact to the town, and en­sure we can con­tinue to pro­vide the es­sen­tial ser­vices our res­i­dents need.”

“This is a trans­for­ma­tional mo­ment for the Vil­lage of Vic­tory, one that re­spects our past and of­fers a vi­sion for the fu­ture,” added Vil­lage of Vic­tory Mayor Pat Dewey. “In a sense, Vic­tory Mills will be re­turned to its for­mer glory, pro­vid­ing a home for hard-work­ing in­di­vid­u­als. We are thrilled to know that this his­toric build­ing will once again be a jewel in our com­mu­nity.”

Rod Sut­ton, Chair­man of the Saratoga County In­dus­trial De­vel­op­ment Agency said the or­ga­ni­za­tion is pleased to unan­i­mously sup­port this vi­sion­ary mixed-use pro­ject. “The in­cen­tives not only play a crit­i­cal role in mak­ing this ef­fort pos­si­ble, but just as im­por­tantly, they will be re­turned many times over in terms of PI­LOT pay­ments, in­creased eco­nomic ac­tiv­ity, and the ben­e­fits that come with re­vi­tal­iza­tion in the Vic­tory com­mu­nity,” he said in the re­lease.

The fi­nanc­ing struc­ture for the pro­ject in­cludes owner eq­uity, fed­eral and state hous­ing tax cred­its, fed­eral and state his­toric tax cred­its, and the PI­LOT agree­ment with the Saratoga County IDA. Re­gan De­vel­op­ment will make $158,000 in PI­LOT pay­ments in the first year, with an­nual in­creases of three per­cent over the 30year term. As a re­sult, the prop­erty will gen­er­ate $7.5 mil­lion in PI­LOT pay­ments – in­clud­ing $6.3 mil­lion to the Schuylervi­lle Cen­tral School Dis­trict – far ex­ceed­ing the $324,000 that would have been paid based on cur­rent an­nual taxes of $10,800.

PHOTO PRO­VIDED

Re­gan De­vel­op­ment will trans­form the for­mer Vic­tory Mills in the Vil­lage of Vic­tory – a five-story, 230,000-square­foot man­u­fac­tur­ing fa­cil­ity that closed nearly two decades ago – into 186 res­i­den­tial apart­ment units and a com­mer­cial mi­cro­brew­ery.

IM­AGE PRO­VIDED

A ren­der­ing shows what an apart­ment bed­room will look like at Vic­tory Mills once it is ren­o­vated.

IM­AGE PRO­VIDED

A ren­der­ing shows what an apart­ment unit will look like at Vic­tory Mills once it is ren­o­vated.

PHOTO PRO­VIDED

Vic­tory Mills’ in­te­rior fea­tures large win­dows.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.