HYDE PARK, Jun 7, 2012 — A proposed development, St. Andrew’s at Historic Hyde Park, is being revived and scaled back by the investment firm that acquired the 340-acre site on Route 9. T-Rex Capital Group paid $2.88 million in February to buy the debt on the land from a bank through foreclosure. The former owner of the wooded property across Route 9 from the Culinary Institute of America was Gagne Reliance Realty Partners.
“It was purchased all cash, so there’s no debt on the property,” said Joseph Gaudio, project consultant.
By the end of the year the owners plan to seek town Planning Board approval to build a project geared toward attracting tourists. It includes the major elements of the previous proposal: a luxury hotel, restaurants, shops, a village green and a mix of single-family homes, townhouses and rental apartments.
“Hyde Park offers elegant, educational and historical attractions for tourists,” said Tom Mulroy, CEO of T-Rex Capital Group LLC. “We are excited about our acquisition of St. Andrew’s at Historic Hyde Park, a truly distinctive destination for visitors, commercial users and residents alike.”
The developers of the original project in 2005 were Gagne Development Co. of Stamford, Conn., and Baker Companies of Pleasantville.
A previous Town Board issued conceptual approval of the development, which included more than 550 dwellings. Two hundred and thirty acres was to remain green with hiking trails for public use running throughout the terrain.
The developers, though, never submitted the site plan to the Planning Board for approval after the economy slid in 2008, Gaudio said.
T-Rex Capital Group, based in Stamford, is a privately held real estate firm established in 1999. It includes institutional and individual investors.
In light of the uncertain economy, the new owner would build the project in phases based on market demand. The plan is to scale back the number of shops and eateries. The original proposal included 400,000 square feet of commercial space.
“The things we are going to emphasize are the hotel and the tourism component of it,” Gaudio said. “What will be de-emphasized will be the retail.”
Bill Irwin, owner of Molloy Pharmacy on Route 9 in Hyde Park, said the proposed hotel would give tourists who visit local historic sites a place to stay.
“The common problem we have with tourists is they don’t stay here too long,” Irwin said. “That’s the kind of business that will attract other business. Hopefully it will filter down to other small businesses and bring some positive results.”
Unlike the previous proposal, there is no plan for the CIA to build a continuing-education building on a 10-acre tax-exempt parcel on the site.
Charles O’Mara, CIA senior vice president for finance and administration, said he looks forward to the revived development enhancing the neighborhood.
“As a neighbor of this proposed project, we continue to support the plans to ensure that it is economically successful, while providing long-term benefits to the local community,” he said. “The CIA has had meetings with the principals and found them to be very high-quality focused. They are interested in developing something unique and special that will satisfy the needs of the region.”
Developer New Ventures at Hyde Park is in the early stages of building a 138-room Hyatt hotel and 9,000-square-foot conference center at the CIA across Route 9 from the St. Andrew’s project. The new developers are using the apostrophe in the name of St. Andrew’s at Historic Hyde Park, although the street is St. Andrews Road.
Reprinted from the Poughkeepsie Journal online
Written by John Davis – Poughkeepsie Journal