Developer Begins $52M Project Near Saratoga

WILTON, NY-Work has begun on a major luxury rental apartment development here. Capital District Properties LLC of Latham reports it has started construction on the $52-million Paddocks of Saratoga.

The project, which will feature 336-units, is located behind the Shops of Wilton and just minutes from Downtown Saratoga and the historic Saratoga Racing Course, company officials say. Capital District vice president of development Tobe Milde says that site work began about two weeks ago.

The development offers such amenities as a resort-style swimming pool, fitness club and a walking path. The units will range from a one-bedroom, one-bath unit of 900 sf to a two-bedroom two-bathroom, unit of 1,600 sf.

“The Paddocks of Saratoga addresses the need for upscale rental apartments in the community,” says Milde. “The dearth of quality units in combination with the influx of new people into the area have presented us an outstanding opportunity.”

The project will take about two years to complete. Capital District Properties has hired Bette & Cring Construction Group of Latham as the general contractor for the development. The New York City office of the Greenwich Group International arranged financing for the development.