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O& R Puts Pipes In The Ground |
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| John Razzano, Town of Wawayanda Supervisor and O&R Senior Technical Inspector Gary Malinowski |
The Orange County Partnership announced today that Orange and Rockland Utilities, Inc. is building a half-million dollars in new gas infrastructure in two regions of Orange County to help meet commercial development needs in targeted areas. The company implemented the Gas Economic Development Pilot Program (GED) after receiving approval by the New York State Public Service Commission in August.
The GED initiative adds extensions to current service lines in commercially zoned areas that towns
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OC PLANNING BOARDS VISIBILITY ENHANCED |
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The Orange County Partnership has developed a new clearinghouse for information containing the agendas and minutes of the municipal planning boards throughout the county. In an effort to make the enti
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ORANGE COUNTY IDA REDUCES FEES TO SPUR DEVELOPMENT |
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The Orange County IDA (OCIDA) passed a resolution at their monthly meeting on Wednesday, September 19, that lowered the IDA Counsel fees from $10,500 to a non-refundable $2,500 fee due at the time of
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John J. Lease moves West |
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John J. Lease celebrated the opening of their 9th office at 390 Crystal Run Road, Middletown on Thursday, June 21, 2007.
John J. Lease Realtors Inc., a brand name that pre-dates all the others, was
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Developers Show Major Market Confidence! |
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Spec Pays Dividends For Frassetto
Chris Frassetto of Frassetto Commercial Investments announced the signing of new leases at their prime locations in the Town of Wallkill. with Electrograph Systems,
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MARCH, 2008: Developing the Future of Orange County’s Business Parks |
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Orange County, with its wide-ranging, diverse base of business has had a reputation as being recession proof, and that same diversity is often quoted as the reason. While the news is full of predictions of the dreaded “R” word, Orange County is experiencing amazing market confidence in the form of a multitude of speculative development by some of the largest and most successful national and local developers.
CB Richard Ellis calls itself the “global leader in real estate services,” and is here in Orange County with a project that will mean prosperity to our residents. Frank Tomasulo of CB Richard Ellis brought the Panattoni Development Company to the Town of Wawayanda and reports, “The Pine Lane Industrial Park, located off Route 6, has received preliminary approval from the Planning Board for the two building project and we are in serious discussion with a number of end users. The 750M S/F spec project consists of Building A at 506M S/F and Building B at 244M S/F.”
Both buildings are on the market for sale or lease. Building A is appropriate for Distribution, Industrial, Research and Development or Office Flex. Building B is planned for one user or multiple, market-sized deals in the 50M S/F range. Located immediately off I-84 at Exit 3, the site features exceptional access. OCP President Maureen Halahan stated, “The Town of Wawayanda has demonstrated its desire for balanced growth by its business-friendly approach to the approval process, knowing that it will result in jobs and an increased tax base.”
A family-owned development business successfully operating in Orange County is First Columbia, LLC owned by the Bette family of Latham, New York.
It’s Class A office/industrial park, New York International Plaza (NYIP), is a state-of-the-art corporate campus that incorporates 260 acres adjacent to Stewart International Airport in the town of New Windsor, NY. The plan calls for over two million square feet of Class A commercial office and industrial space. When completed NYIP will include: retail, restaurants, residential housing, hotels, a fitness center and employee access to first rate healthcare, all right on campus. NYIP offers instant access to two of the county’s busiest interstates, I-87 and I-84, via a dedicated exit and has the fastest and most convenient communication infrastructure. The highly competitive Class A rates and New York State Empire Zone benefits help make NYIP one of the most attractive and innovative places to do business in Orange County and the Hudson Valley.
Chris Frassetto is a principal owner in the Frassetto Companies and is no stranger to the spec building business in Orange County. This family-owned company has invested more than $36 million dollars and built more than 600M square feet of industrial space, mostly on spec, over the past 20 years. Frassetto reports that, “The 86,000 square foot Advanced Coatings Technology building at 60 Turner Drive will be completed this month. We also have two other spec projects in front of the Town of Wallkill Planning Board for approvals.”
85 Tower Drive will be a 70M S/F, four-story, Class-A office building and, pending approvals, is expected to be completed by the fourth quarter of 2009.
Plans also call for another 70M S/F industrial/warehouse building to be constructed at 103 Tower Drive. OCP Director of Business Attraction Judy Eurich states, “Orange County is fortunate to have a confident partner like the Frassetto Companies investing time and again in the future economic development of the county.”
Opus East, LLC, a member of The Opus Group, is a full-service design-build development firm serving the Mid-Atlantic region of the United States.
It is the newest member of the Opus Group and is the eastern regional operating company. Opus East's current activities include millions of square feet of speculative office, industrial and retail projects in Virginia, Maryland, Pennsylvania, and Orange County, New York.
Hudson Crossings Logistic Center, the Opus East project in the Town of Hamptonburgh has received final approvals for its three-building industrial park, consisting of 1.2M S/F of space. The park is situated in a highly accessible Build Now-NY and Foreign Trade Zone and is located just five miles from the intersection of Interstate 84 and the New York Thruway. Plans call for a groundbreaking this spring on the 600M square foot distribution warehouse that is being built on spec. Bob Scherreik, representing McBride Realty in the transaction, offers, “Even though we experience short-term reductions in activity, in the long-term the demand is there. We, in the commercial business, don’t see the warehouse sector being affected in the same way as the housing sector.”
In January, Matrix Development Group announced the purchase of 69 acres in the Town of Newburgh in the highly sought after Interstate 84 and New York State Thruway corridors. Matrix plans to develop up to 650,000 square feet of light industrial space on the property. “We are very excited about the acquisition because it greatly diversifies our portfolio in a market that has tremendous growth potential,” said Matrix Acquisitions Vice President Gary Hans. “The Port Authority’s investment will have a very significant impact on the airport and the business climate of Orange County overall. We expect Matrix Business Park at Newburgh to be a highly sought after location.”
Matrix Development Group is a privately held, full-service real estate investment and development company with offices in New Jersey and Pennsylvania. The company is active in the commercial, industrial, urban, residential, golf and hospitality markets throughout the northeast and mid-Atlantic regions.
Savanna Investment Management, LLC announced that it is under contract for the purchase of a 282 acre parcel of land at the intersection of I-84 and Drury Lane in the Town of Montgomery. SIM Principal Shep Wainwright comments, “We have been local commercial residents for the past four years and with this purchase, signify that we are bullish on Orange County.” Preliminary plans call for a business park with buildings in excess of 1MM S/F.
There is no doubt that the recent purchase of Stewart International Airport by the Port Authority of NY & NJ is fueling some of this activity.
However, when it comes to creating and keeping jobs,the area encompassing Orange and Dutchess counties ranks as the best performing metropolitan area in New York State. The Best Performing Cities Index lists the area as 87 out of 200 in the 2007 Large Cities List.
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