LeCesse Breaks Ground in New York
A $49.5 million construction loan was secured for phase two, which will open in fall 2023.
GrandeVille at Malta. Image courtesy of LeCesse Development Corp.
LeCesse Development Corp. has broken ground on phase two of GrandeVille at Malta in Malta, N.Y. The first phase was completed in 2017, and the community currently features 292 units. An additional 189 apartments will be added once the second development is completed, slated for fall of 2023.
A construction loan from Five Star Bank for $49.5 million was secured for phase two, according to Yardi Matrix data. James Fahy Design Associates is the architect on the build while Platinum-LeChase is the general contractor and Lansing Engineering is the civil engineer.
“As Malta continues to grow and attract more people to the area, we saw an increased need for additional housing options,” COO at LeCesse, Caleb Keenan, told Multi-Housing News. “Since we completed phase one of our GrandeVille at Malta development in 2017, we’ve had strong demand from people who are looking for the amenities we provide in our communities. We’re excited to meet that demand and continue the excellence LeCesse is known for in the second phase of this project. We look forward to continuing to provide this growing community with great places to call home.”
The second phase of the community will include the construction of six carriage houses and townhouses as well as five three-story elevator buildings. The community will feature one-, two- and three-bedroom homes. GrandeVille at Malta phase two will be built to National Green Building Standard Bronze.
READ ALSO: Upstate New York Self Storage Portfolio Sells
According to Yardi Matrix data, the first phase of GrandeVille at Malta is currently 95.2 percent occupied. It also features one-, two- and three-bedroom apartments ranging from 808 square feet to 1,519 square feet.
The new development will have in-home washers and dryers, walk-in closets and a SMART home package with smart locks, voice-controlled lights and thermostats that are enabled with Wi-Fi. Select units will have garages with direct entry. Community amenities include grilling stations, electric vehicle charging stations and an outdoor fire pit. A clubhouse shared between both phases features an indoor pool, fitness center, spa and game room.
Located at 1 Landau Blvd., the community is 20 minutes from Albany and 10 minutes from Saratoga Springs. Residents will be in proximity to the Wilton Mall at Saratoga with retail shopping and the Clifton Park Center Mall which features dining options and a movie theater. GlobalFoundaries has a $15 billion campus situated 10 minutes from the community as well as another 800-acre acquisition and building planned for development, creating some 1,000 jobs in the area.
New York sales volume ranked number five in the top 10 multifamily markets in the first half of 2022. With $4 billion in sales, the market has strengthened housing demand in 2022.
