The construction of Lake George Village’s first waterfront condominium complex is expected to start in September, on the site where King Neptune’s Pub now stands.
According to property owners Sean and Melissa Quirk, the complex, to be known as The Anchor, will consist of five residential units.
Ranging in size from 1,200 to 2,500 sq. ft, the units will sell for prices starting at $1.5 million.
At its May 15 meeting, the Lake George Village Board of Trustees voted to allow condominiums along the waterfront between Beach Road and Pine Point, presaging the redevelopment of other legacy properties.
Using condominiums in the waterfront district as Short-term Rentals will be permitted, said Mayor Ray Perry. “We think that will add diversity to our lodging offerings and allow our tourism economy to keep pace with other resort destinations,” he said.
Sean Quirk said he expected potential buyers of his units would, in all likelihood, want to rent them to visitors on a short term basis. “These visitors will be people who enjoy walking to restaurants, attractions and special events,” said Quirk. “Having these condos available for rent year-round will help Lake George achieve its goal of becoming a four-season destination.”
Quirk added that he believed allowing condominiums in the waterfront area would attract new investment to Lake George. “I’ve talked to developers who didn’t think they could get a reasonable return on their investment. Now, they can,” he said.
Rather than demolishing King Neptune’s and constructing The Anchor in its place, the building will receive a full gut renovation. The new residences will have balconies, fireplaces, hardwood floors and high-end finishes, said Quirk. Owners will have on-site parking and an opportunity to rent a boat slip.
An as-yet-unknown business will occupy commercial space in the ground floor facing the Lake Front Walkway, according to Quirk.
King Neptune’s restaurant, bar and nightclub are now closed in preparation for the renovation.
Illustration: rendering of The Anchor provided.