New Saratoga County senior living complex gets planning approval – By the Albany Business Review

A Brooklyn development company got final approval from the Wilton Planning Board last week to build a 390-unit senior living community on Route 50.

The project would be The Markstone Group’s second senior living community in the region.

Jacob Freund, chief operating officer for the Markstone Group, said they’ve done extensive market research and see a big demand to bring more independent living communities for people age 55 and older to the region.

“We are looking to be part of the community and bring a beautiful product for the seniors ins Saratoga and the surrounding areas,” Freund said. “It’s going to be a quality product, and quality doesn’t have to come with breaking the bank. It will be in price ranges affordable for seniors.”

The development firm is still working out financing and will need to seek additional state approvals. Freund was not ready to share rent estimates.

The almost 30-acre property at 4029 Route 50 is the site of a former Christmas gift shop, and across the road from the Summit at Saratoga retirement community.

The plans include constructing two four-story L-shaped buildings with 195 units each. The buildings would sit on either side of a large courtyard with some parking and a clubhouse at the center.

Amenities at the community would include an exercise room, meeting rooms, game rooms, kitchenette, a dog park, proposed community gardens, basketball, pickleball, putting green and tennis courts.

Freund said they are still working on final architectural plans, and have heard that people in Saratoga are looking for larger units. He said they would do a phased construction, completing a building at a time.

Demographic trends suggest that demand for senior living communities will grow in coming years. About 30% of the U.S. population was age 55 or older in 2021, according to U.S Census Bureau data. That figure was 25.1% in 2010.

The Albany region has a population that’s about two years older than the national average, with 32% of people over age 55.

Another project from the Markstone Group — Hamilton Parc in Guilderland — opened to residents in the last year.

The Guilderland development has 256 units with amenities such as a pool, 24-hour concierge, continental breakfast, theater, golf simulator and dog wash station.

The one- and two-bedroom units range from 700 square feet to 1,300 square feet, with rents starting at $2,475.