Plans to turn Albany-Saratoga Speedway into housing

MALTA, N.Y. (NEWS10) --- Albany-Saratoga Speedway, located along Route 9 in Malta, is under contract, and the developers plan to turn the property into mixed-income housing and retail space. Five Corners Development, a residential developer based in Saratoga Springs, and its national partner, The NRP Group, brought the proposal to the Malta Town Board on Monday night.

If approved, the 50-acre property will turn into Camber Ridge, a community with hundreds of units for housing, senior housing, and retail spaces. As Monday was the initial presentation to the Board, the plans are expected to be reviewed over the next few months before the project can go forward.

"Five Corners Development is thrilled to play a part in the continued responsible growth in Malta and Saratoga County,” said the company’s founder and principal Sumeet Gupta. "Even in these early stages of the development, we have been in discussions with interested tenants such as daycare centers, restaurateurs, and widely renowned Fiden’s Brewing."

Five Corners Development said the owner of Albany-Saratoga Speedway put the land up for sale through a local brokerage company. As of now, the racetrack is expected to continue running at least through its 60th anniversary season in 2025 as no closing date has been set.

“The NRP Group’s experience in developing housing nationwide spans from market-rate and mixed-income to affordable, workforce, senior, veteran housing and more,” said the company's Senior Vice President of Development–New York, Jonathan Gertman. "We couldn’t be more excited to bring a full suite of housing options to Malta, expanding our Capital Region footprint which includes projects in Saratoga Springs and the town of Bethlehem."

The developers plan to honor the 60-year legacy of Albany-Saratoga Speedway by consulting longtime racing participants and their families to create a tribute to the speedway’s history. You can learn more and share your feedback on the project on the Camber Ridge website.

"This project truly represents a comprehensive transformation of the Route 9 North corridor, with a focus on meeting the immediate residential needs of the town and county," said Gupta.