Conditions for a viable new club?

[David Harshbarger]

Here outside Saratoga Springs, NY there's a lot of exciting economic development afoot.  GlobalFoundries, the former chip fab wing of AMD is building 1, and possibly another $2B chip fab 1-2 interstate exits South of Saratoga Springs.  Each fab is projected to support a net 40,000+ jobs across the food chain, including many high value engineering jobs.

The chip fab(s) are essentially being built at an otherwise non-descript interchange best known as a minor bedroom community North of Albany, in an area with really no comparable industry or employers.  Many employees are likely to come in from out of the area, too, which combined, I think, is going to drive some new settlement and activity patterns.  Specifically, I expect residential growth in Saratoga Springs tied to the chip fab.

The private club market in and around Saratoga is limited.  McGgregor is probably the best option, though the condos are unflattering.  Saratoga National will undoubtedly win members, but is not currently a family club.  Beyond that there aren't more country clubs until you hit Glens Falls 15 miles north.

Given this description of the micro-climate here, does this sound like the ingredients necessary to support new development, even as the macro-climate crabwalks?

Thanks, Dave

[Mike Nuzzo]

That is a lot of people
How are land costs

[David Harshbarger]

Mike,

There's a property about 3 miles East of Saratoga, 164 acres, listed for $850k for example.  Is that reasonable?

Also, Saratoga county had a 9.5% increase in population 2000-2010, and that is pre-fab.

Also on the plus side, there's quite a few old farms in the area, meaning large lots.  However, the rule of thumb here would be if it isn't farmed today it's because it can't be.

Dave

[David Kelly]

There's a property about 3 miles East of Saratoga, 164 acres, listed for $850k for example.  Is that reasonable?

Another rule of thumb might be that if they are selling 164 acres for $850K it's because nobody wants it.

[David Harshbarger]

There's a property about 3 miles East of Saratoga, 164 acres, listed for $850k for example.  Is that reasonable?

Another rule of thumb might be that if they are selling 164 acres for $850K it's because nobody wants it.

There's a 320 +/- lot for 2.9M also in the area.  80 acres for 3M in the high growth Halfmoon area.  Housing still hasn't rebounded yet, and the chip fab is only under construction.  My understanding is that builders are sitting on lots for development.  That said, in many areas there are almost no large lots for sale.

[Bill_McBride]

Projects that size are probably three years in planning, permitting and construction.