New development for downtown Patchogue
July 17, 2012 by Sarah
On July 11, HFF, a nationwide provider of retail and commercial investment market services, announced that it had successfully obtained sufficient capital to develop a new commercial area in downtown Patchogue. Companies of HFF’s size will often retain printing companies to perform all activities, such as poster and banner printing, that may be required to promote their services and attract investors.
HFF’s announcement is somewhat of a coup for the local economy, as the area is likely to benefit in several ways. Firstly, local employment may increase during the construction stage of the development, which has been named New Village and will comprise of almost 391 apartments, over 35,000 feet of retail space, and over 500 parking spaces. In addition, the site is located near the Patchogue LIRR train station, convenient for commuting to Manhattan, and is only a short walk from the ferry stations at Fire Island and Watch Hill.
Property owners TRITEC Real Estate Company are delighted that their contracted HFF team has achieved results and Andrew Scandalios, a managing director, said:
“The development of New Village will be an integral piece of the revitalization of downtown Patchogue, which has witnessed five new restaurant openings as well as the renovation and reopening of The Theatre for the Performing Arts.”
TRITEC was incorporated in 1986 and has managed millions of square feet in commercial and residential property, from early financing and development to final construction phases. This New Village development looks set to provide a welcome addition to the Patchogue business community, emphasizing that the area is ripe for further investment and business expansion.