The Business Journals - Week of May 30, 2022

Page 1

AWARD WINNING EDITORIAL

INCLUDING THE HUDSON VALLEY MAY 30, 2022 VOL. 58, No. 22

westfaironline.com

Bellefield project rendering.

DUTCHESS DEVELOPMENT NOW VALUED AT $1B; ABOVE-GROUND CONSTRUCTION BEGINS BY PETER KATZ Pkatz@westfairinc.com

A

mixed-use development of 2.1 million square feet that has been positioned as a future economic powerhouse for Dutchess

County is now being valued at $1 billion, approximately 25% more than the previous price tag of $800 million. Known as Bellefield at Historic Hyde Park, the project would bring to the area 802 residential units and 830,000 square feet of retail and commercial

space, including two hotels. The project is on a 340-acre site in Hyde Park, along Route 9, across from the Culinary Institute of America. Approximately $50 million worth of infrastructure work has been completed at the site and

above-ground construction has now begun on the first of the two hotels for the project, a $52 million Residence Inn to be known as The Inn at Bellefield by Residence Inn. Tom Mulroy, chairman and CEO of developer T-Rex Capital

Group LLC, told the Business Journal that the increased valuation for the project is due to inflation, the effects of construction delays due to Covid and changes in project components in the updated master plan for the

DUTCHESS

6

First Selectman Tesoro: ‘My vision for Trumbull remains unchanged’ BY JUSTIN MCGOWN

F

jmcgown@westfairinc.com irst Selectman Vicki Tesoro highlighted her efforts in bringing new business to Trumbull and previewed upcoming endeavors in her annual Address to the Business Community, held May 11 before an audience of members

from the Trumbull Chamber of Commerce and the Bridgeport Regional Business Council in the banquet hall of the Tashua Knolls golf course. “Trumbull is a wonderful community and I’m honored and humbled to be the first selectman of this fine town,” Tesoro said in her opening remarks. “I want

to thank our businesses for your investments and your confidence in Trumbull. I thank you for the jobs you create and for the goods and services you provide, for all you give back to the community and most of all for your perseverance these last two years.” Tesoro began the speech by announcing that $1.5 million

had been made available to the town for the construction of the Veterans and First Responders Center at Kaatz Pond. “Construction costs are escalating, and this project is no exception,” she noted. “What was initially a $3 million project is now a $4.5 million project.” Additionally, she noted that

Rep. Jim Himes (D-CT) selected the project as the beneficiary of the Member Driven Community Project Funding Program. Tesoro expressed hope that the program will cover the remaining $3 million of construction and encouraged attendees to talk to Himes about the project.

TRUMBULL

6


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.