TRITEC Real Estate

Downtown Patchogue Redevelopers, LLC (DPR) will unveil new plans for the redevelopment of Four Corners in Patchogue at a public hearing February 28. DPR is a team of talented design and development professional\'s intent on revitalizing the Village of Patchogue.

The project substantially conforms with a Revitalization study for the Village of Patchogue done by Suffolk County. The study identified the site known as the Four Corners from North Ocean Avenue to Havens Avenue on Main Street as a location that would benefit from redevelopment. The proposed project is a new 350,000 square foot mixed-use development which will contain 250 residential units, 150 of which will be affordable, a 100 room hotel, approximately 32,000 sq. ft. of retail and approximately 32,000 sq. ft. of office. These new buildings will surround a new four story parking garage located on the existing municipal parking lot. The parking structure will provide over 3.75 times the number of existing number spaces and will service all of the project's new uses.

Bob Coughlan, a Principal of TRITEC, said “TRITEC is pursuing the project for a multitude of reasons. As a developer of office buildings we recognize that job creation is what creates a demand for more office space. Many young people have been leaving Long Island because there is a lack of affordable housing available. Without young people there is very limited job creation. Projects like this are not just important to the Village and its residents but important to help provide affordable housing alternatives for Long Island...”
The Master Plan Architect for the development is Ehrenkrantz Eckstut & Kuhn Architects (EE&K Architects) an internationally-renowned firm that has distinguished itself by creating great places to live, work and play. EE&K Architects was asked to consider the history of the Village and incorporate some of the historical design into a design that is uniquely suited to be a bridge between the past and the future of one of Long Island’s great places. Patchogue Village Mayor Paul Pontieri described the project as “the vision of where we want this community taken.”
Economist Dr. Pearl Kamer, was hired by the Village to conduct an economic study of the Village, and the impacts this $145,000,000 project would have on the surrounding community. “Clearly the statistics show this project will not only retain young people, it will not be a burden on the local school district,”. Highlights of her analysis include:

This $145 million dollar budget will generate about 2,300 new jobs throughout the economy during the construction period.
These 2,300 jobs will create $93 million in new payrolls, or about $40,400 per job.
The greatest benefits will occur in the construction industry: 300 construction and construction-related jobs will be needed each year to complete the development.

An estimated 400 full-time equivalent permanent jobs will be created by the new mixed-use development.
These jobs will generate payrolls of more than $18 million annually or about $45,250 per job.
The 400 direct jobs will support another 690 permanent jobs in a variety of industries through the multiplier process.
These 690 indirect jobs will generate new payrolls of $31 million or about $45,000 per job.

The 32,100 square feet of planned retail and restaurant space could generate annual sales of about $9,630,000.
At a state and county tax rate of 8.625%, total sales tax revenue would be about $830,600 annually. Of this amount, $409,275 would go to Suffolk County government.
It is anticipated that the site will also contain a 100-room, full-service hotel, which would generate annual sales taxes of more than $348,500. Of this amount, $171,734 would go to Suffolk County government.
This means that Suffolk County government would receive $581,000 in additional sales tax revenues annually.

Once approved construction of the $145 million project is expected to take at least two years. DPR is hosting a public presentation on the project in the Patchogue Theatre on Thursday, Feb. 28 at 7:00 PM

TRITEC embodies the unique combination of a high tech, full service real estate firm with old fashion values. Since 1986, TRITEC has established itself as an industry leader providing a comprehensive range of services including construction, finance, development and property management. Through its affiliates, TRITEC has developed, constructed, financed and managed millions of square feet of commercial, residential, medical, hospitality and industrial space.