Roth, Dubb Unveil The Residences at the Adelphi Hotel

SARATOGA SPRINGS, N.Y. – Four years into their business partnership, longtime friends Larry Roth and Michael Dubb are ready to unveil and start selling condominiums in their massive downtown project, The Residences at the Adelphi Hotel.

Roth and Dubb have scheduled an informational brunch at 10:30 a.m. Sunday, Aug. 6 at the Adelphi Hotel, 365 Broadway. The event is by RSVP only. The Residences at the Adelphi Hotel features 79 condominiums that are part of a $90-million development on the corner of Broadway and Washington Street. A decade ago, Roth was a partner in the purchase, reconstruction and rebirth of the historic Adelphi into a 32-room luxury boutique hotel that melded the past with the present. It opened in Octtober 2017.

In 2019, after splitting with his partners in the Adelphi, Roth joined forces with Dubb–a highly successful real estate developer based on Long Island–and bought the Rip Van Dam building next door. The Rip Van Dam was built as a hotel in 1840s, but in recent decades the building housed businesses and offices. Their original plan was to expand the hotel, add amenities and build apartments. Last year, following some test marketing, the Thoroughbred owners and businessmen changed course a bit and decided to build condominiums instead of apartments. The first group of condos are expected to be completed and ready for occupancy in February 2024. The entire project will be finished by September 2024.

Roth and Dubb scheduled their meeting right in the middle of a very busy period during the Saratoga racing season. In addition to the programs at Saratoga Race Course, which include the $1-million GI Whitney S. on Saturday, The Jockey Club's annual Round Table Conference will be held Thursday, the National Museum of Racing's Hall of Fame Class of 2023 will be inducted Friday and the Fasig-Tipton Saratoga Sale of select yearlings will be held Monday and Tuesday evenings.

“We have so many people who are interested,” Dubb said. “that we thought we would just do an informational brunch, where Larry and I would introduce the team around us, talk about the vision, talk about the lifestyle, and the amenities and kind of let people get a glimpse.”

A residence interior | courtesy Adelphi

Dubb said the offering plan for condominium sales required by New York State was approved by the Attorney General's office last week. He said the condos in the five-story new building will range in price from the high $700,000s for studios to a pair of penthouse spaces priced at $3.5 million.

“We are actually now in a position to sign sales contracts and take binders to hold the units until people go to sales,” Dubb said. “Our sales reps are almost now working 24/7, keeping up with the interest in it.

“We thought, everybody's in town that week, let's get everybody in one room and let's talk and then let's answer the questions. It's one thing to hear it's nice, it's another thing to really get the deep-down on it. I know what it will be. I've done this before, but it's my job to kind of convey to people what the finished product Larry and I have created will look like.”

The nine condo unit types: five studios; 10 studios with den; 21 one-bedrooms; five one-bedrooms with den; 20 two-bedrooms; nine two-bedrooms with den; two three-bedrooms; five three-bedrooms with den; two penthouse suites.

In 2012, Roth and Richbell Capital headed by Simon Milde and his son Toby, acquired the Adelphi Hotel property for $4.5 million. The Adelphi opened in 1877 and is the last of the major hotels that operated on Broadway in the 19th century. The new owners made some improvements to the rundown hotel, had it open for one season while developing a plan then embarked on the major overhaul that took four years. Roth said the hotel has proven to be popular and that occupancy has been at about 100% during the racing season and at an average of approximately 80% for the year.

Roth wanted to continue to grow, incorporating the Rip Van Dam and land behind it on Washington Street, with an even bigger undertaking.

“Basically, the reason I had to separate with my partners was because they did not have the same vision I had,” he said. “I said to them, 'We should do something with the rest of the property because someone's going to do something. Someone's going to take that parking lot and they're going to build a competing hotel. You don't want to compete with a hotel next to the Adelphi because we're getting very good rates at the Adelphi and that hotel was not going to get the same rates.' That's when we completely separated. They said, 'No, we're not going to buy it.' I said, 'Yes, we are.' That's when we separated and I decided to buy the Rip Van Dam and that's when Michael got involved.

“He saw the vision too. We both grew up in that same area of Long Island. We both had the same vision of what this property could be.”

What Roth and Dubb–equal partners in the entire development of the hotel and the Residences–settled on was the expansion into the Rip Van Dam, increasing the Adelphi from its 32 to 45 rooms. Eight more rooms have just become available in a new adjoining structure. The final 12 to reach the total of 65 are expected to go on-line by mid-August.

One of the two penthouses | courtesy Adelphi

Rather than 85 apartments, they opted for the 79 condos in a building being constructed on Washington Street. Among the many amenities available is an underground parking for 100 cars, which includes EV charging stations. A key element of the concept, modeled after top resorts around the world is that amenities, such as gyms, spas, meeting rooms and game rooms, security, as well as hotel concierge and housekeeping services will be available to condominium residents and hotel guests. Condominium owners will be able to rent their properties through the Adelphi, which will handle all the details.

“It's really not just unusual to Saratoga, but I think this is unusual to the entire upstate of New York,” Dubb said.

The foundation of the complex are the historic buildings with their distinctive facades that face Broadway. They required extensive upgrades and the new structures were built behind them. What had been something of a quiet corner on busy Broadway has undergone a dramatic change in the last 10 years.

“This is really born out of a passion and a love for Saratoga. In my case, decades and decades long,” Dubb said. “It's actually 50 years this year since the first time I came to Saratoga and for Larry, kind of love at first sight and he totally immersed himself in it.”

Dubb said the impact of the Covid-19 pandemic slowed the project by six months to a year and added 30% to the cost. Interior work was ongoing for a couple of years, and at the end of last summer, with the permits in place, the structures started to rise.

“In September, there was nothing,” Dubb said. “After Labor Day, we started construction on the additional hotel rooms that would be located in the new building, as well as the 79 condominiums. So if you left Saratoga as a horse person, and left on Labor Day, you came back and you said, 'Wow, there's a whole building standing here.'”

Long gone are the days when Saratoga Springs reverted to a sleepy little upstate city when the 24-day four-week racing season wrapped up in late August.

“What we're finding is Saratoga really stands on its own as a very prominent area in New York state,” Dubb said. “A lot of people who are involved in Thoroughbreds think Saratoga begins and ends with the Thoroughbred season, but it doesn't. It's busy here all year round. In the wintertime, people will come here and use it as a base to ski. Leaf season. Springtime. Skidmore graduation. Parents Weekend in October.”

Roth said his experience through five years with the Adelphi proved there is plenty of demand for luxury accommodations.

“I'm telling you from our own records that the hotel is busy pretty much all year round,” he said.

Construction currently underway, shot from the corner of Broadway and Washington Streets | Mike Kane photo

The purchase of the Rip Van Dam and construction of the building directly behind it has enabled Roth and Dubb to create space to increase the size of the Salt & Char steakhouse on the first floor of the Rip Van Dam. Also, the relocation of a kitchen to a new space, will lead to a larger lobby for the Adelphi Hotel. They have also increased the size of the ballroom.

The condos have open floor plans, are bright with plenty of glass and have balconies.

“We really wanted to provide the highest level of detail,” Dubb said. “Take the detail and the luxury of the hotel rooms, carry it through to the residences. The residences have high ceilings, nice trim, Andersen Windows, Wolf and Sub-Zero appliances, Restoration Hardware (now RH) vanities, seven-inch hardwood flooring. All of the really high-end details that you would find in a hotel room. And large bathrooms.”

The Residences are connected to the Adelphi Hotel with its Morrissey's Lounge and Bistro, Salt & Char, Wine Cellar and the ballroom. A salon will be located in the Residences. The Starbucks coffee shop on the corner has been closed during the reconstruction phase, but will re-open. Nearby on Broadway and side streets are many restaurants, bars and shops. Dubb said that through experience with other properties, he knows the combination is an attractive package.

“I strongly believe in this concept, in this way of living,” he said. “We also own apartment buildings, and retail and industrial, so I have a pretty good sense of what people want. Even in large residential communities I've built, I tried to put in a retail shopping area as an amenity to the community. It's a lifestyle.”

Roth and Dubb will be part of the community at Broadway and Washington.

“I kid everybody that Larry and I love it so much the first two homes we sold to ourselves,” Dubb said. “Then our sales representative also bought one. There's no higher testament to what you believe in than putting your money where your mouth is and wanting to live there. I think both of us look forward to living the dream that we've envisioned and work so hard for. And, trust me, we have worked hard on this project.”

The post Roth, Dubb Unveil The Residences at the Adelphi Hotel appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

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Roth and Dubb Bring New Level of Luxury to Downtown Saratoga

While racing draws thousands of visitors to Saratoga Springs every summer, its biggest appeal day in and day out, 12 months a year, is its graceful, bustling downtown. The city is rich in history, dating back to the 1770s and the Victorian style lends a charm that Saratoga not only strives to maintain, but often mandates through historic preservation codes.

Two buildings on Broadway in Saratoga Springs are now undergoing a huge transformation without losing their historic charm. The Adelphi Hotel, which recently underwent a major renovation, will be merged with the adjacent Rip Van Dam Hotel, expanding the number of luxury hotel rooms from 33 to 78 and adding 85 luxury apartments to the Rip Van Dam.

“We bought the Adelphi in about 2013,” said Larry Roth, a partner with his wife and daughter in LNJ Foxwoods Stable. “It was me and another group that is no longer involved with the Adelphi. The Adelphi at that time was a rundown hotel. It was owned by two individuals that graduated from Skidmore probably in the 1960s. They had the hotel only open two months a year. The rest of the other 10 months of the year, they would travel around the world finding antiques and bringing the antiques back to the hotel. So, when we bought the hotel in 2013, it was really run down, full of thousands of antiques, and we decided that we were going to run it for a year or two and then we were going to renovate it.”

Saratoga's appeal and its offerings have expanded far beyond the track.

In a small geographic area of just 28 square miles, the City of Saratoga Springs boasts the oldest operating racecourse in the U.S., a harness track and casino, a 2,379-acre state park, four golf courses, a top concert and ballet and orchestra venue, a 6.178 square mile lake, historic mineral springs and baths, two colleges, and a 171-bed hospital.

In 1977, the Saratoga Springs Preservation Foundation was organized partly in reaction to the building of the shopping mall just north of the city limits. By protecting the historic facades and buildings downtown, Broadway and its adjoining streets have continued to maintain viable retail businesses and acclaimed restaurants and pubs when many upstate downtown districts have dried up.

The initial renovation of the Adelphi took years and two or three times what the group expected to pay, Roth said, but it re-opened in 2017 to great acclaim. But looming on the south side of the Adelphi was the Rip Van Dam, which had been through a tumultuous era of turnover and suffered from what seemed like a lack of vision and funding. It made sense to Roth that they purchase the Van Dam, which was in need of repair on the same scale. His partners did not share the vision.

“Their philosophy was not the same as mine,” said Roth. “I told them that I think we should buy the Rip Van Dam because the Rip Van Dam had a lot of property. Someone's going to build something there, a hotel, an apartment building, and you don't want to really compete with another hotel. They said to me, 'You're wrong, no one's going to build there.'”

So, in 2019, Roth bought out his partners, became the sole owner of the Adelphi, and bought the Rip Van Dam.

“That's when Michael [Dubb] got involved with me,” said Roth. “I knew Mike was in the horse business and I knew he was a great builder. So, I thought it'd be good to find out if he would be interested in working with me, being my partner on this project.”

“Larry and I had known each other for years,” said Dubb. “And we have a very close mutual friend. And, you know, when Larry correctly purchased the Rip Van Dam property to protect his investment at the Adelphi so he could control it, and that was a very smart move.

“It's a major undertaking. And given my knowledge of Saratoga, my years at Saratoga, and my knowledge of construction, having built buildings like this before, although not 180-year-old buildings, Larry thought it would be a good idea for us to talk. And that's how the partnership was born.”

“Our vision is to just have the most luxurious five-star hotel residence, restaurants, a destination point for people coming from either New York City, Boston, Montreal, Buffalo,” said Roth. “It's all almost equal distance, about a three-hour ride from those locations. And just to have the number one destination in the Northeast.”

“For any city, a vibrant downtown is vital,” said former two-term Mayor of Saratoga Springs, Joanne Yepsen. “This city is successful because we care deeply about historic preservation and we have an appointed design review commission overseeing proposed development on top of a planning and zoning process.

“This project is a diamond in the rough,” said Dubb. “Saratoga is arguably the best town or small city in New York State. It's a one-of-a-kind town, and this is a one-of-a-kind project right in the heart of town. The plan we had was to model this after The Plaza in New York City where you have a five-star hotel, but you also have residences. And the people who live in the residences can avail themselves and do avail themselves of all the hotel services. So here, there are two restaurants here which they would walk directly to through the building. There'll be a gym. There'll be lounges for the guests and the owners, a business center, and underground parking.”

The plan for the condominium apartments will be a mix of studio, one-bedroom, and two-bedroom luxury apartments appointed with hardwood floors, state-of-the-art kitchens, great appliances, marble bathrooms, and molding details. Each owner will have their own storage unit and a coveted parking spot underneath the building. The new hotel rooms will mirror the existing rooms at the Adelphi.

“The hotel units will be and are obviously very, very, very high-level luxury units,” said Dubb. “So, there'll be heated bathroom floors, automatic blinds, suite-type living. Some of the new hotel rooms will have their own den and just all of the services and all the luxury that you would expect in a five-star hotel.”

In addition to the new hotel rooms and residences, there have been significant changes and upgrades to the common areas of the hotels, with more in the plan.

“We've increased the ballroom space. So, the capacity went from about 125 people to 225 people,” said Dubb. “That project is done. We've increased the size of Morrisey's, put additional indoor dining rooms in, and also a sushi bar. And that project is done. The Salt and Char Restaurant, which is part of the building, is through phase one and the interiors of the existing Salt and Char has been completely rebuilt. But as construction progresses, there'll be another dining room, about 800 square feet–state of the art. You know, with that real steakhouse feel, to go with the great food.

“In the original Adelphi, part of the lobby space was lost to the kitchen. The kitchen is moving away into the new structure. So, the lobby of the Adelphi now, which is beautiful, is going to double in size.”

While both Dubb and Roth are deeply ensconced in the upper echelons of the horse business, they've committed to the City of Saratoga and its growing year-round clientele with the Adelphi-Van Dam project. The underground parking garage for 100 cars, and major street and sidewalk and infrastructure improvements add to the entire downtown experience. And both partners are bullish on the long-term success of the project outside of the racing months.

“It's not just the racing industry,” said Roth. “We've been extremely busy even during the off-season. Our occupancy during the off-season runs probably about 70%. During the track season, we're running very close to 100%. Obviously, the July and August period is peak for us. But the rest of the year has, for the last year and a half, two years, has been truly outstanding.”

Preserving the historic façade and feel of the buildings seems to be more of a passion to the partners than a city requirement.

“The architecture and the character are beautiful. One great thing about Saratoga is its intense dedication to preserving its historic feel and its historic character,” said Dubb. “You really feel like you're back in the early 1900s, in the late 1800s. And one thing we went to painstaking lengths to do is to preserve the entire facade of the existing Rip Van Dam Hotel. And previously, Larry did the same thing with the Adelphi Hotel. So, from the street, you know, I see turn-of-the-century pictures, not this century, the century before. And the facade will look just the same as it looked then.”

“The town is very pro-historical sites here,” said Roth. “We went before the board a number of times to show them what we're doing. We made some revisions after they suggested we make some changes that they wanted us to do and we adhered to what they wanted us to do.”

What is the timeline?

“After we finish Salt and Char, we will be looking to get the next group of hotel rooms, some online for late fall this year, others on time for track season,” said Dubb.  “And that will be followed by the construction of the 85 condominiums. We're looking at a time frame for completion of about 18 months. So, we'd be looking in its entirety at early '24.”

The lure of Saratoga Springs, the two hotels so steeped in American history, and the racing industry at the Spa seem to give Roth and Dubb a deep sense of pride in the project. It was palpable as we walked around the busy establishment while they interacted with the staff and patrons. Individually and together, they appear relaxed and excited about what seems like a massive undertaking (and crater) in the middle of downtown.

“The combination, first the Adelphi, and then the Rip Van Dam and the adjoining land, is really a unique opportunity to marry two historic, legendary buildings together into one,” said Dubb. “A state-of-the-art five-star luxury hotel and residence building- nothing like this really exists in Saratoga and very few places like this exist anywhere in New York. So, this was really a unique opportunity. And when Larry reached out to me about it, my connection with Saratoga, you know, runs 50 years. And so, I've walked by these hotels for 50 years. I never dreamt I would have the opportunity to be involved and really make a difference in the City of Saratoga.”

“I don't think I could have picked a better partner,” said Roth. “He is, first of all, a great friend. I think we have the same vision. We think alike. Being with him for the last two years on this project, I have learned so much from him about building, and I think even our contractor has learned a lot from Michael. He's made a lot of suggestions to our contractor, which have panned out successfully.”

“I told Larry when we started, that it would be two very challenging years to build the building,” said Dubb. “COVID turned that into three and a half years. So, it's challenging. I think we enjoy the challenge and I know when all is said and done, Larry and I are going to stand on Broadway, look up and be just the two proudest guys in Saratoga.”

The post Roth and Dubb Bring New Level of Luxury to Downtown Saratoga appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

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