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HomeMy WebLinkAbout20230391 177 S Broadway Stewarts Demo & Construction Submission 2025 01 08THE LAW OFFICES OF M. ELIZABETH CLARK,ESQ.P.C. January 8, 2025 Tamie Ehinger, Chair Design Review Board City of Saratoga Springs 474 Broadway Saratoga Springs, NY 12866 Re: 28 Lincoln Avenue Demolition — Continuation of Hardship Review Chairperson Ehinger and Members of the Design Review Board: Libby Clark, Esq. libby@libbyclarklaw.com Please allow this letter to serve as a further supplement to previous materials provided in support of Stewart's Shops application for demolition of 28 Lincoln Avenue (the "Property") under UDO 13(J)(3). During Stewart's last appearance before the Board on December 4, 2024, the five -part test for demonstrating "good cause" for demolition was again review and discussed. It is our understanding that the Board requested further evidence from the application regarding subparagraphs (i) and (ii) of UDO 13(J)(3). The following information is provided in addition to Stewart's July and October written submissions, as well as all presentations before the Board: i. The applicant must document good faith efforts in seeking an alternative that will result in the preservation of the structure including consultation with the Design Review Board and the Saratoga Springs Preservation Foundation. The relocation of structures may be permitted as an alternative to demolition. As previously submitted, Stewart's approached Larmon House Moving Company, to request for an estimate for the relocation. The Board requested that Stewart's provide the written correspondence from Larmon. Attached please find the email correspondence from Larmon declining to submit a bid for moving 28 Lincoln Avenue, dated September 27, 2024 which provides, in relevant part: "We believe that the (overhead power) wire removal costs would far exceed the value of the building. I have not traveled nor crossed a state road in over 30 years due to the excessive permitting red tape and expenses. Again, this is not a job we wish to bid." In addition, the Lincoln Ave weight limits would prohibit the vehicles needed to undertake such a move. Therefore, it is Stewart's position that it has demonstrated good faith efforts to secure alternatives to demolition, including relocation. Law Office of M. Elizabeth Clark, Esq. P.C. 63 Putnam Street, Suite 202 Saratoga Springs, New York 12866 (518)682-6901 THE LAW OFFICES OF Libby ClarkEsq. M. E L I ZA B ET H C LA R K, ESQ. P.C. libby@libbyclarklaw,.com ii. The applicant must document efforts to find a purchaser interested in acquiring and preserving the structure. Stewart's previously included letters from Tom Roohan of Roohan Realty and William Moore of The Appraisal Company, indicating the difficulty in the market to find a purchaser willing to pay market value for the property due to the circumstances recited in this matter. Additionally, Stewart's contacted Green Springs Capital Group, LLC which recently purchased 58 Lincoln Avenue near 28 Lincoln Avenue which is also a multi -unit rental property. The attached letter from Brian Green at Green Springs Capital Group indicates that the company invested $275,000 in acquisition costs and another $565,000 in renovations and upgrades to achieve an NOI of $80,000. The letter further indicates that it would not offer the $275,000 it paid for 58 Lincoln given the further reduced NOI in light of the ineligibility for historic tax credits. Specifically, such tax credits are not applicable since the property is not deemed historic by SHPO. Incidentally, Green Springs Capital Group is also the company which invested in relocating 182 Excelsior as part of the redevelopment of that site under the historic review constraints, so it is well versed in both the local area and the historic redevelopment industry. Please allow these two additional submissions to further address the 5-part hardship analysis for demolition under UDO 13(.I)(3). We look forward to appearing on the next DRB agenda to the review the information with the Board. Thank you for your time and consideration in this matter. Respectfully, M. Elizabeth Clark Law Office of M. Elizabeth Clark, Esq. P.C. 63 Putnam Street, Suite 202 Saratoga Springs, New York 12866 (518) 682-6901 PO Box 3207 Saratoga Springs I NY 112866 518.504.7767I greenspringscapitalgroup.com December 30, 2024 Ms. Molly Russell Facility Administrator Stewart's Shops Corp. P.O. Box 435 Saratoga Springs, NY 12866 Ms. Russell, Thank you for reaching out to Green Spring Capital about our potential interest in 28 Lincoln Avenue. We appreciate you identifying us as the potential developer to acquire this property based on the work we recently completed in relocating the historic structures at 182 Excelsior Avenue. The project at 182 Excelsior and 28 Lincoln are different because we were more interested in the ability to develop the 2.4 acres surrounding the buildings at 182 then we would be able to do so with the 0.13 acres at 28 Lincoln. That said, our firm recently acquired 58 Lincoln which is in close proximity to the corner of Lincoln and South Broadway. This purchase was a five -unit rental property with a carriage house and off-street parking, as we understand the pro forma and description of 28 Lincoln, there are only four units, and it lacks off-street parking. Our purchase price of 58 Lincoln was $275,000.00, more than half the appraised value of 28 Lincoln of $567,000. After the acquisition, we invested $565,000 in the building to achieve an NOI of $80,000. If we ever pursued 28 Lincoln, the price would have to be considerably less than $275,000. One additional concern we have with 28 Lincoln is the historic designation. The SHPO CRIS inventory shows the building is ineligible for historic listing which subsequently means it is ineligible for historic tax credits but subject to local standards. This means someone would have to invest money on the front end without recouping those expenses through the tax incentive program. Again, we appreciate you reaching out to us and understand the rationale for doing so given our history but I don't think the project is for us. Please reach me at: 518-810-2895 or brian@greenspringscapitaIgroup.com. Brian Green Green Springs Capital Group LLC 1 S4�a(�INGS Development I Property Management I Short Term Rentals I Brokerage CnNT'AL GROUP LLC Molly Russell From: stan larmonhousemovers.com <stan@larmonhousemovers.com> Sent: Friday, September 27, 2024 8:05 AM To: Molly Russell Subject: House on Lincoln Larmon House Movers has no desire to bid the job of moving the building you indicated to on Lincoln Ave. We believe that the wire removal costs would far exceed the value of the building. I have not traveled nor crossed a state road in over 30 years due to the excessive permitting red tape and expenses. Again, this is not a job we wish to bid. Good luck with your endeavors.