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Rechler Equity Partners, the Plainview-based developer behind the Hampton Business District in Westhampton and the planned redevelopment of the Canoe Place Inn site in Hampton Bays, was recently named Real Estate Developer of the Year by the Association for a Better Long Island and the Commercial Industrial Broker Society of Long Island.
The award recognizes Rechler for 220 Roger’s Way, a 60,000-square-foot building completed last year that now houses operations of AC Lighting & Electric, Carrier Enterprise Northeast—a heating, air-conditioning and ventilation company—and Tate’s Bake Shop, which is known for its cakes, brownies, pies and, most notably, its chocolate chip cookies.
The building was the first of nine that are planned to comprise the 440,000-square-foot Hamptons Business District, located just north of Gabreski Airport.
“It’s an honor to be named Developer of the Year and to be recognized for the hard work our company has put into developing 220 Roger’s Way at the Hamptons Business District,” Mitchell Rechler, managing partner of Rechler Equity Partners, said in a press release. “Developers across Long Island are working on many magnificent projects, but winning this award demonstrates that we have truly created something special.”
In 2009, the Rechlers inked a 40-year lease with Suffolk County, which owns the Westhampton airport, once the Southampton Town Board finalized plans for the planned development district, or PDD, a mechanism that allows developers to deviate from the town’s zoning restrictions in exchange for community benefits. The PDD was originally pitched as a means of attracting high-tech businesses, though in more recent years, the Rechlers have refocused their efforts on leasing space to other businesses.
The developers are expected to pay about $38 million in rent to Suffolk County for the 55 acres over the course of their lease.
“We spent years working with Suffolk County, local governments and advisory boards in order to clear the path for 220 Roger’s Way,” Gregg Rechler, managing partner, said in the release. “Winning this award is extremely gratifying because of our company’s passion to see this project succeed and spur economic growth on Long Island’s East End.”
Greg Wehner on Apr 22, 2016