The first phase of “The Springs” retail-office-apartment complex at 60 Weibel Ave. is under construction and expected to be finished by May, the developer said Tuesday.
“We are happy with the commercial side,” said Sonny Bonacio of Bonacio Construction, the project developer.
The first phase of the project includes 12,000 square feet of retail/commercial space on the first floor and 60 apartment units in three buildings facing Weibel Avenue.
The second phase of 60 apartments and another 12,000 square feet of commercial space will be started in the spring.
The third phase will include another 58 apartments for a total of 178 apartments in 11 buildings.
The 12.5-acre site is just north of the city’s two indoor ice skating rinks on Weibel Avenue.
Bonacio Construction of Saratoga Springs is also building the project. “We buy local and hire local,” Bonacio said.
He said prices for the one-, two- and three-bedroom apartments will be in the same range as other new apartments in the Saratoga Springs-Wilton market. The retail/commercial space will lease at $18.50 per square foot, according to Bonacio’s website: www.bonacio.com.
The retail space in the project is starting to be leased. A dry cleaning business and a small restaurant, for example, are expected to be located at “The Springs” next year, Bonacio said.
Kate Maynard, the city’s principal planner, said the mixed-use project received final approval from the Saratoga Springs Planning Board on June 8. She said a project with similar site plans but proposed by a different developer was approved in 2009 but was never built.
Bonacio’s other major project in Saratoga Springs, Market Square at Railroad Place is also expected to be ready for occupancy in the spring.
The high-rise project includes 124 apartment units with a Price Chopper supermarket on the ground floor. The project is located at the corner of Division Street and Railroad Place.
Bonacio said about 50 apartments in the complex have been leased or are about to be leased.
His project to build a retail-office-apartment building at the city parking on Broadway next to Lillian’s Restaurant is still being reviewed by the city. Bonacio said he has no time schedule yet for this project.