BETHLEHEM Developers hope a proposed housing development’s proximity to Elm Avenue Park will make it attractive to apartment seekers.
The development is being proposed as a joint project between Klersy Building Corporation of Delmar and Prime Companies, a real estate marketing and management group. The Klersy family owns the property at the corner of Shanks Place and Elm Avenue. Representatives for both companies went before the Bethlehem Development Planning Committee to informally discuss the plans for Park Place on Thursday, Sept. 20.
“It’s a very desirable location, being across from the park,” said Dean Devito from Prime Companies. “And there’s easy access to Albany, so there are a lot of good features.”
Park Place would consist of 265 apartments or condominiums to be built on the 46.6-acre parcel. The development would also include an office, community room and several new roads and sidewalks. Each building would house six to nine units and include an attached garage. The design also calls for at least one other parking stall per unit.
Devito said Prime Companies has developed five other properties in the area of a similar design. Occupancy rates at all buildings are in the 90 percent range, he said.
Within the developments, about 5 percent of the units are specially designed and furnished through Marriott as ExecuStay apartments. The units are targeted to people traveling on business who may have to stay in the area for several months, but may not wish to stay in a hotel for such a long period of time. The units are meant to feel more like home.
“It gives you a different clientele,” said Devito. “It’s more upscale and helps with the occupancy’s marketing. There are essentially two different products in the same place.”
The plans are in the early stages. Devito said it is not clear if the development would ultimately be made up of apartments or condominiums. The company usually asks for approval on both, but then decides which to build depending on the market at the time of construction.