Activity Marks Realization of Developer’s Nearly 30 Year Vision
MIDDLETOWN, N.Y. – A nearly 30-year vision for the Sutton Hill rental community in Orange County’s Middletown is now close to being realized.
Construction is well underway on Sutton Hill II, a new collection of 112 homes that marks the first activity in almost three decades at the neighborhood and the final step in completing the initial plan its current owner, Value Companies, Inc., originally had for a large-scale rental community near the Catskill Mountain resort area in the late 1970s.
The story of Sutton Hill II is one of persistence and resiliency. While Orange County – once considered a popular vacation destination for Manhattanites – was struggling to attract residents and businesses by the 1970s, the area was seemingly poised for revitalization with the promise of a large commercial airport at Stewart Air Force Base and the anticipation of legalized gambling.
Enter the Value Companies. Hoping to capitalize on the reemergence of the Catskill Mountains, the developer purchased the existing 276-home Sutton Hill community in a foreclosure sale, but was unable to secure an adjacent 11.5-acre site that was planned as Phase II of the original development. The developer made several attempts to purchase the land, eventually backing off once it was evident the dream of an airport and possible casino was in doubt.
“As the 1970s rolled into the 1980s, it became clear the Orange County boom wasn’t going to happen,” says Jon Moore, Vice President of Development for the Value Companies. “That didn’t mean the company wasn’t fully committed to the region.
“We completed improvements and the repositioning of Sutton Hill and managed it intently – all while keeping an eye on the possibility of acquiring and developing the final phase of Sutton Hill. It was never a question of whether, but rather that of when.”
In December of 2005, the Value Companies finally purchased the site and began plans to construct a new modern, state-of-the-art rental complex, as well as undertake significant renovations and improvements to the existing Sutton Hill I buildings. With site improvements and development activity moving swiftly, the company expects to begin leasing for the one-, two-and three-bedroom rental homes in November.
“It may have taken time, but the vision for Sutton Hill is almost complete,” says Mr. Moore. “Our dedication and confidence in the project is evident by our willingness to move forward and introduce the homes despite current economic and housing market conditions.
“In addition to providing brand new apartments to meet the growing demand for quality rental homes in Orange County, we’re also reviewing plans to invest $2-3 million into exterior and site upgrades in the original Sutton Hill buildings and the construction of a new community clubhouse.”
Sutton Hill II will feature garden-style apartments in ten residential buildings. Homes will range from 773 to 1,234 square-feet. Monthly rents are expected to range from $1,200 to $1,795.
For additional information on Sutton Hill II, please call (845) 343-2272.
About Value Companies
Value Companies, founded in 1952, is a leading real estate development, investment and management company headquartered in Clifton, N.J. The company currently owns and manages a portfolio of 3,600 residential units located throughout New Jersey, Pennsylvania, New York, Texas and Florida.
Value’s residential properties are built and managed by a highly-skilled, in-house management team of more than 80 industry professionals which oversee all aspects of Value’s communities, including construction, leasing, maintenance and property management. Value’s full-service management capabilities also serve a growing list of third-party real estate investment and property owner clients.
Across its development division, Value Companies has embarked on $100 million in new apartment, condominium and mixed-use developments in strategic suburban and urban locations throughout the country. Value’s development success is directly tied to its steadfast commitment and expertise in multifamily housing, and its ability to introduce new housing products that address consumer and community needs.
For more information, please contact Value Companies’ headquarters at 973-473-2800 or visit http://www.valuecompanies.com.