SBJ 9 Broad Street, #7 Glens Falls, NY 12801
SARATOGA BUSINESS JOURNAL
VOL. 30 NO. 02
HH The Business Newspaper of Saratoga County HH
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GLENS FALLS, NY 12801 PERMIT #600
APRIL 2025
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Belmont Stakes, New Festivals Expected To Drive Record $450 Million Economic Impact BY PAUL POST Return of the Belmont Stakes, a new July 4 Racing Festival and the traditional 40-day Saratoga meet are expected to generate an all-time high $450 million economic impact this summer. Every day of racing has an estimated $9 million economic impact, said Greg Connors, Saratoga Economic Development Corporation president and CEO. The Belmont Stakes and July 4 festivals add nine more days to the Spa Oval calendar. “Do the math,” Connors said. “That’s $450 million just from world-class racing. From Albany to Lake George, hospitality and tourism industries reported an overwhelmingly positive impact resulting from NYRA’s 2024 Belmont Stakes and our Belmont on Broadway celebration.” “From June 2023 to June 2024 revenue per available room increased 20 percent,” he said. “Saratoga Springs and Saratoga County enjoyed unprecedented national, and in some cases, international media attention and exposure. Television, traditional media and online communication encouraged visits and stays to not only our city and county, but the entire Capital Region.” Discover Saratoga President Darryl Leggieri said, “Last year’s Belmont festival was a major success. It showcased the best of Saratoga, but it also created lasting memories for all who attended. I’m confident that this year’s will be even better.” “There was a 10 percent bump in occupancy tax,” said Jeff Barrett, Clifton Park supervisor and county Board of Supervisors chairman. “We expect the same or perhaps more in 2025.”
The fun starts on Wednesday, June 4 with a BelThere’s going to be a lot of people coming up. mont on Broadway concert (7-10 p.m.) that kicks There’s something every single night. We’re going off the five-day Belmont Stakes Racing Festival to be here for five days and coming back July 4 for with performances by Gin Blossoms, an alternaanother big weekend.” tive rock band whose single, “Hey Jealousy,” went The five-day Belmont festival will have 27 gold and became a stakes races and Top 25 hit; and the purses totaling Uprooted band fea$11,275,000, the turing Michael Glabrichest purses and icki, original singerhighest number of guitarist with the stakes offered since former Rusted Root, the festival’s incepwhich sold more than tion in 2014. The three million albums. highlight is SaturBroadway will day’s 157th running be closed from Van of the Grade 1, $2 Dam Street to City million Belmont Hall, starting early in Stakes, third leg of the morning to install thoroughbred racthe stage. Last year, a ing’s Triple Crown. sea of people turned The Belmont out and huge throngs is being held in are anticipated this Saratoga because of year as well. ongoing construc“It’s going to be a tion of a new and rebig party,” said Daimagined Belmont vid O’Rourke, NYRA Park, scheduled for president and chief completion next executive officer. year. “This is the best place The first-ever July on the planet to hold 4th Racing Festival an event. This comat Saratoga from munity is built for Thursday, July 3 to this. It’s going to be The official poster promoting the 2025 Belmont Stakes Sunday, July 6, will Racing Festival in Saratoga Springs. one heckuva week. be a prelude to the Courtesy Discover Saratoga
regular 40-day meet that begins Thursday, July 10 and ends on Labor Day Monday, Sept. 1. The Belmont festival will have numerous other off-track activities such as a downtown window decorating contest in which merchants dress up their storefronts. The National Museum of Racing and Hall of Fame, which is celebrating its 50th anniversary, will unveil a new equine-themed mural facing Ludlow Street. Its Belmont Gala, at Canfield Casino, is scheduled for Thursday, June 5. A Belmont Bites & Brews event in the museum parking lot will feature food trucks and a variety of beers to choose from on Friday, June 6. The museum is offering free admission on Saturday and Sunday, June 7-8. On Saturday, handicapping experts will help fans pick winning horses, artist Greg Montgomery will sign 2025 Belmont posters and free ice cream, coffee and donuts will be provided by Stewart’s Shops. A children’s-oriented family fun festival will take place Sunday with a bounce house, magician, climbing wall, petting zoo and Upset the mini-horse in addition to cotton candy and ice cream treats. “This Belmont festival is important for many reasons – economic, cultural, recreational,” Barrett said. “We certainly want to showcase Saratoga Springs and the entire county. We have another huge initiative coming up with 250th anniversary of the Battles of Saratoga. That is something we want people to learn more about, too, as well as the incredible recreational opportunities throughout Saratoga County.”
Saratoga Performing Arts Center Announces New Owner Of Wilton Mall Plans Significant Christopher Shiley's Promotion To SPAC President Upgrades To Property That Include Residences Saratoga Performing Arts Center has announced that it has promoted Christopher Shiley, SPAC’s former Senior Vice President of Artistic Planning, to President. Building off of his leadership at SPAC for the past seven years, Shiley will now oversee SPAC’s programming and day-to-day operations in alignment with the organization’s ambitious goals for the future. Working collaboratively with Elizabeth Sobol, SPAC’s Chief Executive Officer and the Board of Directors, the President will play an essential role in supporting SPAC’s continued growth and the longterm sustainability of the organization. “Chris has become an invaluable asset to SPAC and to our leadership team over the past seven years. Elevating his role to become SPAC’s President is an important step as we plan for the organization’s future and will allow me, for the first time in my tenure, to focus almost exclusively on strategic matters. In his new position, Chris will oversee SPAC’s programming and operations while I continue my work to guide SPAC’s long-term strategic vision, growth, and financial sustainability,” said Sobol., Shiley shares: “I relocated to Saratoga Springs seven years ago to pursue an opportunity at one of America’s most prestigious amphitheaters. Under Elizabeth’s leadership, I have grown alongside the organization itself, strengthening my commitment to the arts and to this community. SPAC is now a vibrant yearround organization with a continued focus on growth and community impact through our robust education programming and multiple stages that the best artists in the world call home. I look forward to my continued work with the incredible SPAC staff and utilizing the skills that I have developed here to make a broader impact across the entire organization.” Over the past decade, SPAC has reaffirmed
Christopher Shiley has been promoted to President of SPAC, building on seven years of leadership. Courtesy SPAC
its commitment to world-class programming with New York City Ballet, The Philadelphia Orchestra, Saratoga Jazz Festival, and Chamber Music Society of Lincoln Center, while simultaneously expanding its artistic and physical footprint with the completion of its new Pines facilities and the addition of Spa Little Theater, SPAC’s new year-round home. In addition to programming all four seasons of the year, SPAC has introduced a dynamic roster of contemporary composers, choreographers, and performers from around the world, while expanding its definition of the arts to encompass a thriving culinary arts program, visual arts exhibitions, literary arts programming, and healing arts initiatives. Since joining SPAC in 2018, Shiley has been instrumental in helping to shape the creative Continued On Page 13
BY PAUL POST Wilton Mall’s new owner plans to give businesses direct access to hundreds of new shoppers with a large new residential complex that connects to the 35-year-old shopping center. Faraz Khan recently purchased the mall and surrounding 100-acre property from California-based Macerich for $25 million. Traffic at Clifton Park Center Mall has jumped from 4.8 million to 5.6 million visitors annually since he acquired it two years ago, and he anticipates even greater results in Wilton. “I think we can get to six million visitors at Wilton Mall,” Khan said. “It’s going to take us about two-and-a-half years, but I think we’re going to hit it.” First, however, the aging facility needs a major makeover to make it more welcoming to consumers and business tenants alike. A multi-million-dollar renovation will get under way soon and at least seven new firms, such as clothing outlet-type stores, will open in the next eight months, said Khan, during a presentation to Wilton Town Board. “Although we do plan on developing apartments, it’s more important for us to first revive the mall,” he said. “We really think we can bring people back into it. Occupancy now is about 75 percent, but I’m confident we can fill it up.” The Town Board allowed for a residential component at the mall with a previouslyapproved Planned Unit Development. A different firm, Paramount Development Group, had proposed razing a vacant, 72,000-squarefoot Bon-Ton store and putting housing there, but such plans never materialized and the deal didn’t go through. Khan said no part of the existing mall will be demolished including the former Bon-
Wilton Mall’s new owner plans renovations and a residential complex to boost foot traffic. Courtesy Wilton Mall Development LLC
Ton. “From our perspective that’s valuable real estate,” he said. “I’m confident we can fill it with new tenants. It’s important to keep it what it’s meant to be, a mall, by adding additional amenities. You need to be dynamic. People’s needs and wants change over time.” Work on 300 apartments and 80 townhomes won’t begin until third quarter 2027 at the earliest, after the mall has been refurbished and new tenants brought in. The complex will take up part of the parking lot and a portion of unused mall property. A connector to the mall will make it easy for residents to visit stores and a variety of new eateries planned for the Food Court including coffee and pizza shops, a Mediterranean restaurant and other cuisines. Khan said units will primarily be marContinued On Page 15