proposal for development of wolfs lane - sparks ave – fifth ......avalon bronxville, bronxville,...
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Proposal for Development of Wolfs Lane - Sparks Ave – Fifth Ave Sites
Tuesday, September 25, 2018
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Collins Enterprises LLC is a privately held real estate company
focused on the development, acquisition and management of
multi-family and mixed-use projects in urban locations. Since its
founding in 1991, the Company has developed over $1 billion in
projects in Virginia and the New York metro market. Collins is
nationally recognized for its work redeveloping unique projects in
urban areas. The Company is headquartered in Old Greenwich,
CT and has a regional office in Virginia.
ABOUT COLLINS
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Public/private project providing new multifamily housing over community oriented retail
Provide seed capital to build consolidated commuter parking regime at Sparks Ave
Assist village to define public services program, i.e. the firehouse, Village Hall & DPW
PELHAM REDEVELOPMENT PROPOSAL - OBJECTIVES
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Project Program – Northern Site – Fifth Ave
100 apartments in four levels over covered parking spaces. – Studio, 1 BDR, 2 BDR & 3 BDR apartments – Rents range from $2,700 to $6,000 per month
80 covered parking spaces below apartments
3,000 SF of retail space fronting Fifth Ave
Fire station program to be determined by the Village
Target market is singles and couples looking to downsize and live in town, and professionals who work either in New York City or elsewhere in Westchester
Contemporary Tudor architectural vernacular in Pelham similar to Marbury Corners. Collins will use the same design architect, Do Chung & Partners, that designed Marbury Corners.
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Conceptual Plans – Fifth Ave Elevation
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Conceptual Plans
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Project Program – Southern Site – Wolf Lane & Sparks Ave
320 commuter parking spaces with access from Sparks Ave
Two levels of structured parking
Move the DPW and Village Hall to a more efficient location
Parking structure to provide employee parking for the Village Hall
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Conceptual Plans
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SOUTHERN SITE
Estimated Development Costs: $10-12 million
Through a public-private partnership, Collins will work together with the Village to finance the commuter parking garage and other public improvements
Utilize available benefits through the Westchester Industrial Development Agency
NORTHERN SITE
Equity: Collins Enterprises & Private Investors
Debt: Private Lender
Estimated Development Costs: $45 million
Land Payment to Village: $5-7 million
Financing
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COLLINS COMPARABLE
PROJECTS
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COLLINS PROJECTS
Avalon Bronxville, Bronxville, NY
Built in 1997-1998, The Avalon at Bronxville remains the largest private project every to be approved in Bronxville, one of
Westchester County’s most affluent towns. The prior landowner, after being denied approval on this property on numerous
occasions, contacted Collins to buy them out of bankruptcy, redesign the project and obtain approvals. Upon obtaining
approvals, Collins joint ventured with Avalon Bay Communities to execute the development and led the design and
construction of the project. The Avalon at Bronxville offers 110 rental units and underground parking for 165 cars. It is
across the street from the Bronxville Train Station and appeals to the luxury apartment resident that needs convenient
access to New York City.
Project Partner: Avalon Bay Communities
Total Project Costs: $28.5 million
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COLLINS PROJECTS
Old Greenwich Gables, Greenwich, CT
Old Greenwich Gables is a 167-unit luxury condominium community with health club, squash court and pool. Collins built
the property, a former brownfield, during the 1990’s – and was the only company building during the era’s economic
downturn. Constructed along the commuter railroad line on the former Electrolux plant site, Old Greenwich Gables is just
50 minutes from NYC. After renting the property for over five years, the project was restructured in early 1998 and
completely sold out within two years. Collins partnered with Apollo Real Estate Advisors and Helaba Bank.
Project Partner: Apollo Real Estate Advisors
Total Project Costs: $75 million
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COLLINS PROJECTS
The Gramercy, New Canaan, CT
The Gramercy is a ground up development of 10 luxury apartments and 8,600 SF of medical office space in the downtown
of New Canaan, CT. Currently under construction, the project will cater to the empty-nester demographic in Fairfield
County, CT. It will provide in-town, low-maintenance living. Collins has devised a shared parking regime for the medical
office and residential components in order to maximize the productive use of the site.
Project Partner: Cambridge Hanover
Total Project Costs: $14 million
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COLLINS PROJECTS
Winthrop House, Greenwich, CT
Winthrop House is a 48-unit condominium that was converted in the mid 1990’s. Originally 53 apartments, the building is
centrally located on West Elm Street. It was renovated into luxury condominiums with one, two and three bedroom units,
garage parking and views to Long Island Sound. Collins lead the rebound in the condominium market of the mid 90’s and
the units resold for the highest dollar per square foot price in Greenwich.
Project Partner: Rockwood Capital
Total Project Costs: $10 million
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COLLINS PROJECTS
Palmer Square, Princeton, NJ
Located on Nassau Street across from Princeton University, Palmer Square has been the center of life in the town of
Princeton since the 1930’s. Collins was designated by Princeton University trustees to purchase the square with an adjacent
nine-acre parking lot. The project was built between 1980 and 1990. Palmer Square includes parking for almost 1,000 cars,
58,000 square feet of retail space, a five-story office building, and 114 townhouse condominiums.
Project Partner: Bank of New York
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COLLINS PROJECTS
Darien Playhouse, Darien, CT
Collins restored this neglected property and converted it to a mixed-use asset, while preserving the movie theatre and
its historical architecture. Today, the 17,000 square foot building features a twin movie theater and retail clients such
as Red Door Salon, Café Nero, Scena Restaurant and Verizon Wireless.
Project Partner: Webster Bank
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Hudson Park, Yonkers, NY
Hudson Park was the first community in 30 years to be developed along the Hudson River in Yonkers. Prior to breaking ground, Collins formed a public-private partnership with the City of Yonkers that included municipal improvements. The 16-acre community is located just steps from the Yonkers Metro North Train Station, which provides residences with a 25-minute commute to Grand Central Station. It’s also conveniently located near great shopping, restaurants and bars, museums, performing arts venues, and waterfront recreation. The three-phase project includes three mixed-used buildings: Hudson Park River Club, Hudson Park North and Hudson Park South.
Consists of three phases totaling 782 apartments. Two phases built in 2003 and 2008 are fully stabilized. Third phase consists of a 24 story tower to be completed in 2018. The project includes three structured parking facilities with 816 spaces.
Project Partners: Berkshire Property Advisors, AIG, Simpson, Fannie Mae, Freddie Mac, Wells Fargo and Prudential
Total Project Costs: $260 million
COLLINS PROJECTS
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COLLINS PROJECTS – METRO NEW YORK
Project Location Units Year
Built
Type
Hudson Park Club Yonkers, NY 212 2018 High-rise residential tower with
structured parking
Gables
White Plains, NY 12 2012 Rental townhomes
Hudson Park North Yonkers, NY 294 2008 High-rise residential towers and
structured parking
Hudson Park South Yonkers, NY 266 2003 Mid-rise residential buildings,
commercial and structured parking
Admiral’s Wharf Stamford, CT 600 2002 Rental apartments and for sale
condominiums
Old Greenwich Gables Greenwich, CT 167 1993 Rental apartments and for sale
condominiums
Greenwich Apartments Greenwich, CT 130 1993 Rental apartments
Winthrop House Greenwich, CT 50 1996 Rental apartments and conversion to
condominiums
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COLLINS PROJECTS – VIRGINIA
Project Location Units Year
Built
Type
Westport Commons Norfolk, VA 151 2017- For sale townhomes, condominiums
and apts.
Watermark Norfolk, VA 180 2016 Rental apartments
CovePointe at the Landings Norfolk, VA 122 2015 Rental apartments
388 Boush St Norfolk, VA 94 2007 For sale condominiums
Heritage at Settlers Landing Hampton, VA 140 2007 Rental Apartments
The Landings at Bolling Square Norfolk, VA 74 2004 For sale townhomes and
condominiums
RiverPark at Freemason Harbour Norfolk, VA 44 2004 For sale condominiums
The PierPointe at Freemason Harbour Norfolk, VA 72 2003 For sale condominiums
The Heritage at Freemason Harbour Norfolk, VA 185 1999 Rental apartments and retail
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Design Architect: Do Chung, Do H. Chung & Partners, Stamford, CT
Architect of Record: Carl Ordemann & Jorge Szendiuch, Perkins Eastman, New York, NY
Planning & Traffic: Frank Fish, BFJ Planning (Fifth Ave/Northern Site), New York, NY
General Contractor: Lee Lasberg, Lasberg Construction Associates, Armonk, NY
Legal: David Steinmetz, Zarin & Steinmetz, White Plains, NY
Engineer: James Ryan, JMC Engineering, Armonk, NY
Real Estate Consultants: Peter T. Bazeli, Weitzman USA, New York, NY
Local Development Team
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ORGANIZATIONAL OVERVIEW
Principals and senior staff bring significant experience in all facets of the business including development, acquisitions, management and capital markets.
Team Member Expertise
Arthur Collins Managing Principal
Dwight Collins Portfolio Management
Jeff Sirkin Capital Markets, Acquisitions
Barbara Carmichael Asset Management, Development
Diane Mingoia Finance
Frank Shea Construction Management
Morgan Collins Acquisitions & Development
Tracey Cain Property Management, Development
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AIG Global Real Estate, New York, NY
Rockwood Capital, New York, NY
Simpson Housing, Denver, CO
Berkshire Realty Advisors, Boston, MA
Clarion Capital Management, New York, NY
HQ Capital, New York, NY
Wells Fargo
BB&T Bank, Norfolk, VA
HSBC, New York, NY
Towne Bank, Norfolk, VA
Key Bank
Berkadia, New York, NY
Cambridge Hanover, New Canaan, CT
Hunt Capital Partners, New York, NY
PAST & CURRENT PARTNERS & LENDERS
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Arthur Collins II
Principal
(203) 541-1301
Dwight Collins
Principal
(203) 541-1305
Jeff Sirkin
Managing Director
(203) 541-1307
CONTACT INFORMATION