Updated: December 11, 2019 06:56 PM
Created: December 11, 2019 05:56 PM
VICTORY - Marty Vanags is excited about a developer's plans for the former Victory Mills factory.
"Down here you see a one-bedroom pillar to pillar," the Saratoga County Prosperity Partnership's president said during a tour of the building Wednesday afternoon.
The decaying, but sturdy 100-year-old structure, which last housed a packaging maker, will be turned into 186 apartments, both one and two-bedroom.
Vanags say it'll cost just shy of $60 million for a Westchester County developer to bring to fruition.
Pat Dewey, the mayor of Victory calling it a big win, after several years of trying.
"We've gone over all sorts of scenarios we could possibly use this building for. Tearing it down, it's a great historic building, it's got great bones, I don't see that as a viable option either. But re-purposing this building, it's a good solution for this."
The developer, Regan Development, has lined up tax incentives from the county IDA and only has a few minor hurdles before the project can move forward.
"The entire planning board is on board with this. It's just a matter of minor details, but nothing that I think holds this project up," said Corey Helwig, a lifelong resident of Victory and chair of the planning board.
Construction is likely to begin in late 2020 and take about two years to finish.
The Saratoga County Prosperity Partnership says by offering apartments ranging from $675 to $1,115 a month, some with views of Fish Creek, the developer expects to attract people who work in Saratoga Springs but can't afford to live there.
"It really does fit that bill," said Vanags. "I think people from GlobalFoundries will also find this attractive location close by."
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