Developers Mike Dubb and Larry Roth have decided to build condominiums instead of apartments as they charge ahead with a $75 million-plus expansion and renovation of the Adelphi Hotel in downtown Saratoga Springs.
The strategy shift comes after the developers discovered during last year’s test marketing that there is a growing number of potential customers who are more interested in buying than renting a piece of the 200,000-square-foot Broadway resort.The vision for the project is to create a 5-star lodging and dining experience unlike anything else in the affluent city of 28,000. The resort will expand its number of hotel rooms from 32 to 65, while constructing an additional 79 condos that will be marketed for somewhere between $600,000 to $1.5 million apiece. The Adelphi also will offer customers access to a spa, concierge services, housekeeping, a ballroom and on-site restaurants serving sushi, raw oysters and $90 Delmonico steaks.
Development partners Dubb and Roth hinted they were thinking about a shift from apartments to condos last fall. Since then, they decided to seek approval for their condo offering plan from the New York State Office of the Attorney General.
The fellow thoroughbred owners and racing fans teamed up two years ago to map out a strategy for expanding the Adelphi.
Dubb is the founder of Beechwood Homes, a company that has constructed more than 10,000 houses on Long Island. Dubb also has had success developing large-scale luxury resorts. He developed The Vanderbilt with 197 apartments and hotel rooms in Westbury on Long Island four years ago. Demand was so strong, he constructed a similar project about a mile away, The Selby in Westbury, with 237 apartments and hotel rooms.
Roth is the former owner of Marchon Eyewear Inc., one of the world’s largest eye care companies. He also was part of a separate group that invested $28 million to renovate the Adelphi into a 32-room boutique hotel about five years ago, offering guests rooms with heated floors, heated toilet seats, bidets and fiber optic internet connections.
Now, Roth and Dubb are expanding the Adelphi by tying it into the former Rip Van Dam hotel next door.
Bonacio Construction of Saratoga Springs is the contractor for the project and Gilbane Building Co. of Albany is the owner’s representative.
Dubb said the Adelphi expansion remains on track to be completed by spring of 2024. Some of the new hotel rooms are expected to open next month. And the remainder of the hotel rooms will be ready in time for the 2023 thoroughbred racing season this summer.
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