Regions Northeast
Feb 15, 2008
By: Paul Rosta, Senior Associate Editor
Long Island, N.Y., is not known for dense development, but a proposal is afoot for a $145 million mixed-use redevelopment in Suffolk County.
TRITEC Development Group, an affiliate of TRITEC Real Estate Co., wants to build a nine-story development in Patchogue, a village located about 50 miles east of Manhattan on the island’s southern shore. The firm is in the midst of assembling four parcels plus a village-owned parking lot encompassing approximately 2.5 acres in Patchogue’s shopping district, Rob Loscalzo, chief operating officer of TRITEC Real Estate, told CPN this afternoon. One parcel is the former site of Swezey’s department store, which TRITEC acquired for $4.2 million. The store’s site has been the result of several unsuccessful redevelopment plans since it closed in 2000.
Loscalzo confirmed that the project will consist of 32,000 square feet of street-level retail, a comparable amount of office space one level up, and about 250 rental apartments. If the for-sale market improves by the time the project is complete, some of the residential units could be converted to condominiums, Loscalzo said.
In addition, TRITEC has a handshake agreement for a 100-key, limited-service Hilton Garden Inn. If TRITEC receives entitlements as expected, construction could begin by early 2009. The developer has also agreed to move a former library building from the site for re-use, possibly as an art gallery of coffee shop, Loscalzo said.
A key component of the project is workforce housing, which will make up 60 percent of the residential component. The high cost of housing is a main reason for what Loscalzo called the “brain drain” of young people from Long Island. “You’ve got to find a place that’s affordable for people to live,” he said.
By: Paul Rosta, Senior Associate Editor
Long Island, N.Y., is not known for dense development, but a proposal is afoot for a $145 million mixed-use redevelopment in Suffolk County.TRITEC Development Group, an affiliate of TRITEC Real Estate Co., wants to build a nine-story development in Patchogue, a village located about 50 miles east of Manhattan on the island’s southern shore. The firm is in the midst of assembling four parcels plus a village-owned parking lot encompassing approximately 2.5 acres in Patchogue’s shopping district, Rob Loscalzo, chief operating officer of TRITEC Real Estate, told CPN this afternoon. One parcel is the former site of Swezey’s department store, which TRITEC acquired for $4.2 million. The store’s site has been the result of several unsuccessful redevelopment plans since it closed in 2000.
Loscalzo confirmed that the project will consist of 32,000 square feet of street-level retail, a comparable amount of office space one level up, and about 250 rental apartments. If the for-sale market improves by the time the project is complete, some of the residential units could be converted to condominiums, Loscalzo said.
In addition, TRITEC has a handshake agreement for a 100-key, limited-service Hilton Garden Inn. If TRITEC receives entitlements as expected, construction could begin by early 2009. The developer has also agreed to move a former library building from the site for re-use, possibly as an art gallery of coffee shop, Loscalzo said.
A key component of the project is workforce housing, which will make up 60 percent of the residential component. The high cost of housing is a main reason for what Loscalzo called the “brain drain” of young people from Long Island. “You’ve got to find a place that’s affordable for people to live,” he said.
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