Lake George: Senior Housing Project Near Million Dollar Beach

Despite the construction industry seeing increased material costs, rising interest rates, and a slowing overall economy, building just keeps going. An 11-acre property off of Bloody Pond Road – about a mile from Million Dollar Beach, on the southern shore of Lake George – is in the early stages of review with the town of Lake George for a 32-unit senior housing project. Rich Schermerhorn Jr. is seeking to develop the property, and the project is scheduled to be discussed at a Town of Lake George Planning Board meeting on February 21st, 2023.

Schermerhorn is aware of the changing market conditions: “We are still getting notices every other day about price increases for compound, plywood, roofing, trusses and shingles, and interest rates have a drastic effect on projects. Where things stand now, I can still develop and make a fair return and make projects happen. We just have to put in more sweat, equity, and a lot more liquidity” Schermerhorn reportedly said.  

Schermerhorn – in his thirty years in business – has built a portfolio of over 2,500 apartments, and he has hundreds more apartments in various stages of approval. Just last year, Schermerhorn bought undeveloped land in Warren and Washington County. 

Schermerhorn made headlines last summer when he purchased the former Water Slide World amusement park in Lake George for $3-million in cash – he plans to transform that property for mixed commercial and residential use.

The preliminary plans for the property on Bloody Pond Road is for a three-story, 32-apartment senior housing complex. The property is currently owned by George McGowan, a former town board member and former restaurant owner.