“Agrihood,” the First in the Northeast, Will Be a Prime Draw, as Will Unique Culinary, Residential and Recreational Options
HYDE PARK, N.Y. (May 23, 2022) – Bellefield Development Partners, an affiliate of T-Rex Capital Group, LLC, has announced an important milestone: Construction has begun on The Inn at Bellefield by Residence Inn, a hotel that activates construction of the $1 billion multifaceted, mixed-use Bellefield at Historic Hyde Park after a two-year delay due to COVID-19.
This construction of The Inn at Bellefield by Residence Inn, with 137 keys, will be the first phase of ongoing development at Bellefield, considered to be the largest current in-development project in the Hudson Valley and one of the largest in New York State this year.
“The resumption of construction is a landmark moment for a visionary project that will powerfully energize Dutchess County and the entire Hudson Valley,” said Tom Mulroy, Chairman and Chief Executive Officer of T-Rex Capital Group, LLC. “Bellefield at Historic Hyde Park will be a world-class hospitality, tourism and sustainable agri-tourism destination with residential options for those who wish to settle in this vibrant culinary‐themed planned community.”
Bellefield at Historic Hyde Park is a strategically located, fully approved destination consisting of 2.1 million square feet of development. Residential space comprises 60% of the project; commercial space is 40%. The site will help preserve the region’s natural beauty by ensuring that more than half of the property’s 340 acres remain as undeveloped woods. The project’s vision, hundreds of millions of dollars in expected economic impact and game-changing destination attractions led the New York State Mid-Hudson Regional Economic Development Council to designate Bellefield at Historic Hyde Park as a “Priority Project” for the region. It was awarded $4.25 million in incentive grants to assist with infrastructure costs, with the possibility of additional grants as the project moves ahead.
Bellefield at Historic Hyde Park already has invested $50 million in infrastructure work that has continued during the pandemic. The project has been in the making for 20 years. T-Rex took ownership of the project 10 years ago, attracted by its strategic location. Hyde Park, at the center of the Hudson Valley in Dutchess County, is just 90 minutes north of New York City. Located directly across from the world-renowned Culinary Institute of America, Bellefield at Historic Hyde Park is minutes away from a bounty of amenities that already enhance quality of life and tourism in the mid-Hudson Valley. These include The Franklin D. Roosevelt Presidential Library and Museum, the Vanderbilt Mansion National Historical Site, the Walkway Over the Hudson and Vassar Brothers Medical Center, as well as Vassar College, Marist College, Bard College and the State University of New York at New Paltz.
The Inn at Bellefield by Residence Inn, a $52 million project expected to open in September 2023, is being developed by T-Rex in partnership with Shaner Hotel Group, LP, and will be the first of two hotels the completed development will offer. “We are proud to partner on this exceptional project due to its unique vision and extraordinary community benefits,” said Lance T. Shaner, Chairman and Chief Executive Officer of Shaner Hotel Group, LP. “Bellefield at Historic Hyde Park will be a shining example of reimaging how we live, work, play, visit and enjoy in the Hudson Valley and beyond.”
A key attraction of Bellefield at Historic Hyde Park will be an integrated residential “Agrihood,” the first in the Northeast. Its vision perfectly aligns with the Hudson Valley’s well-established culture of sustainability and eco-friendliness. The Agrihood’s culinary shops, farm-to-table restaurants, breweries, restaurants, distilleries, special-events barn and educational center will perfectly complement the Culinary Institute of America and surrounding region. Often referred to as America’s breadbasket because of its historic production of food for the New York metropolitan market, the Hudson Valley takes great pride in its food and wine traditions. Approximately 25 million tourists a year visit the Hudson Valley – 600% more than Napa Valley’s annual visitation of 3.8 million tourists.
“Bellefield at Historic Hyde Park will exemplify the region’s rich commitment to agricultural, environmental and land-use conservation – a heritage deeply rooted in the Hudson Valley,” Mulroy said.
Bellefield at Historic Hyde Park also will create much-needed quality housing in a region with a substantial ongoing demand for, and a documented shortage of, high-quality housing. A diversity of residential product types, including luxury rentals, condominium flats, cottages, town houses, and single-family homes, will cater to a wide pool of potential residents and foster a vibrant community.
The Corcoran Group, New York City’s top residential real estate brokerage, has provided strategic counsel to Bellefield’s developers on how to drive residential value to its Master Plan. Corcoran’s work on the project has included competitive analysis, placemaking and guidance in the selection of design, research and construction consultants.
“As the first Agrihood in the Northeast, Bellefield is a significant addition to the Hudson Valley,” said Pamela Liebman, President and CEO of The Corcoran Group. “Corcoran provided critical feedback from our top agents across New York City and the Hudson Valley during planning, ensuring that our insights drove a truly innovative indoor-outdoor lifestyle that speaks to today’s market and a new way of living that will endure for many years to come.”
“Bellefield at Historic Hyde Park will serve as a nice ‘downtown’ for this thriving area,” said Mitch Friedel, Vice Chairman of Newmark, which specializes in leasing for mixed-use developments. “The diversification of attractions, amenities and the overall experience will position Bellefield at Historic Hyde Park as a year-round draw and a premiere location for living, working and conducting business.”
Bellefield at Historic Hyde Park’s pathway to construction has been methodical to ensure smart planning and collaboration are at the heart of its efforts. Hart Howerton, the world-renowned land planning and architectural firm, had been actively engaged to update and amend the approved Concept Plan. The overall amended Master Plan was approved by the Town of Hyde Park on Dec. 20, 2021. It specifies a total of 2.1 million square feet of development once fully completed. Larry Boudreau, President of Development for Bellefield at Historic Hyde Park, will manage all aspects of permitting, strategic planning, land-use planning, and road and utility infrastructure, as well as general site operations.
The construction of The Inn at Bellefield by Residence Inn kicks off Phase II of overall construction. In the fourth quarter of 2022, construction will begin on:
• Approximately 500,000 square feet of retail and commercial space that will be home for restaurants; the City Winery, which will be a lead anchor; the distillery; and more. “City Winery is thrilled to join this innovative development and proudly share our products with this community and so many others,” said founder and CEO Michael Dorf.
• Approximately 600,000 square feet of residential space that includes 344 luxury-rental units and 129 luxury condominiums.
A key investor in, and advisor to, the project is Robert J. McCarthy, former Marriott International COO. “Bellefield at Historic Hyde Park will undeniably be a magnetic attraction that provides enormous strength to an already formidable lineup of reasons to live in, and love, the Hudson Valley,” he said. “To experience Bellefield at Historic Hyde Park is to love Bellefield at Historic Hyde Park, and, as a premiere attraction, it will substantially draw visitors to the numerous high-quality destinations the region offers.”
Overall, Bellefield at Historic Hyde Park will dramatically alter the economic landscape of the region, and provide yet another destination and residential option, said Michael Oates, President of the Hudson Valley Economic Development Corp. “It’s wonderful to see Bellefield at Historic Hyde Park well on its way to becoming what will no doubt be one of the most visited and talked-about destinations in our seven-county region,” he said. “Bellefield at Historic Hyde Park will be a deep source of pride, culture, economic firepower and fun for generations to come.”
For the Town of Hyde Park, Bellefield at Historic Hyde Park will add another jewel – and economic engine – to the community. “Our town is already known for world-famous tourism attractions,” said Town Supervisor Al Torreggiani. “We look forward to welcoming Bellefield at Historic Hyde Park as yet another dynamic reason to revel in everything Hyde Park has to offer.”
Hyde Park Planning Board Chairman Michael Dupree praised Bellefield at Historic Hyde Park’s unique vision. “Bellefield at Historic Hyde Park is an inspirational concept that perfectly blends with our Planning Board’s long-term outlook for our town’s future,” he said. “The eclectic mix of retail, residential and recreational opportunities provides well-crafted fusion that will further spark our Route 9 corridor – and will be a shining star locally, regionally and beyond.”
About Bellefield at Historic Hyde Park
Bellefield at Historic Hyde Park is a $1 billion tourism destination under development on Route 9, across from the Culinary Institute of America. Plans call for development of two hotels, a conference center, free-standing signature restaurants, brewery, winery, a spa, culinary-based retail establishments and residential. Fifty-eight percent of the site’s 340 acres will remain wooded and undeveloped with another 48 acres devoted to agricultural use to preserve the natural beauty of the site. New York State’s Mid-Hudson Regional Council has selected Bellefield at Historic Hyde Park as a “priority project.” For more information about Bellefield at Hyde Park and T-Rex Capital Group LLC, visit BellefieldHydePark.com.
About T-Rex Capital Group LLC
T-Rex Capital Group LLC is an experienced privately held real estate firm. T-Rex has sourced and invested in proprietary transactions encompassing more than 11 million square feet with a gross asset value of over $2.5 billion. Its key executives average more than 25 years of experience with more than $7 billion of investing and development experience. For more information, visit TrexCapitalGroup.com.
About Shaner Hotel Group
Shaner Hotel Group is one of the foremost owner-operator companies in the hospitality industry with more than 60 hotel properties owned and managed across the U.S., Italy, Greece and the Bahamas. New properties are constantly evaluated as the Shaner Hotel Group continues a conservative, yet opportunistic approach to growth. Shaner is an approved management company and franchisee of Marriott International, Inc., Hilton Hotels Corporation, Intercontinental Hotels Group, and Choice Hotels. For more information about the company and its divisions, visit shanercorp.com.
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