TRANSACTION SUMMARY
In 2005, a reconstituted joint venture between The Congress Group and another firm purchased this property from a former joint venture between The Congress Group and a New York investment fund with the objective of pursuing redevelopment as a retail, residential or mixed-use project.

VALUE ADDED BY MANAGEMENT
The Congress Group recognized the shift in the Town’s attitude towards redevelopment of the property for non-office use and sought a partner with retail relationships and expertise. The Congress Group developed alternative master plans for the site, one as a mixed-use retail/residential project requiring Town approval and another including only multifamily use that could by-pass the Town’s political process. The Congress Group received the Town’s approval for the mixed-use project, and plans are progressing accordingly. The project is scheduled to be completed in 2010.

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