Included in the common area will be a general store, wellness clinic, beauty and barber shop and a multi-purpose meeting room for educational purposes.
Grifferty said the development company has a detailed advertising plan for marketing Shaker Pointe, as well as a direct mail campaign that is "really under way."
With more than 100 people already expressing interest, Grifferty said, in terms of reaching occupancy if they were filling the apartments at this time, "We're better than half full."
But development agents are not accepting security deposits just yet.
VanDemark said the development is in its final stage of approval, and is scheduled to be approved by the Town of Colonie Planning Board later this month.
As far as construction, Grifferty said they are hoping to begin building the development by the end of September, if all goes as planned with the Planning Board. Shaker Pointe is expected to begin its first occupancy in May of 2009, Grifferty said, and all together, the project should take about 16 months to build due to its unique layout.
The price of the rentals has not yet been determined, according to Grifferty, because the rent will not only be set to compete with market prices, but will vary between different apartment styles.
Residents will be able to renew lease agreements on a year to year basis, he said.
When developers showed the plans for Shaker Pointe to the public on July 24, they told residents that the community would be open to individuals 50 years of age or older " a younger requirement than most senior citizen communities. Several members of the audience then raised their hands to ask developers, "Where do we sign up?"