The former Hiawatha Trails Executive Golf Course in Guilderland is being transformed into a 256-unit luxury apartment complex for seniors — the latest example of how developers are catering to a growing demographic group in the Albany region.
Hamilton Parc at 6051 State Farm Road is being built in two phases by The Markstone Group, a real estate developer in Brooklyn.
Construction is well underway on the first phase, which will have 155 units. It’s financed by a $30 million loan from Webster Bank of Jericho.
The aging population of baby boomers is driving demand as they seek alternatives to living in single-family homes.
A market analysis that was completed in 2019 for the project indicated the number of people aged 55 to 74 in Guilderland would increase by more than 1,100 between 2017 and 2022 and continue to increase until 2032.
The number of people aged 75 and older was projected to increase by 60% from 2020 to 2030, according to the report by Richard Lampert of Real Estate Market Research andConsulting.
“The town’s potential demand for market rate is about 1,621 senior households with annual household incomes from $50,000 to $125,000,” according to the report. “The demand increases to over 5,000-plus senior households when you include surrounding areas.”
The report was submitted to the Guilderland Industrial Development Agency as part of an application seeking tax exemptions. The IDA in September 2021 approved up to $2.46million in sales/use tax exemptions and a mortgage recording tax exemption of up to $633,613.
Click the button below to see inside the project still under construction.
