HYDE PARK, N.Y. - Rand Commercial has announced it has been selected by Bellefield Development Partners to acquire tenants for the Bellefield culinary campus development project’s Hyde Park site.
“We’re honored to have been hired to work with the Bellefield Partners to bring this unique development to the Hudson Valley,” said Paul Adler, Esq., Regional Manager for Rand Commercial. “There are countless possibilities as to what this project will do for our local economy, and we’re positive that the finished product will exceed even the highest of expectations.”
The development is a multi-phased, $500-million project that intends to benefit from and strengthen the burgeoning food and beverage industries of New York’s Hudson Valley. Located in Dutchess County, the project is located on 339 acres across from The Culinary Institute of America in Hyde Park.
The development will also include a residential section, but the commercial portion will be addressed first.
The initial plans include two hotels, culinary-based retail stores, a restaurant, a conference center and spa. Fifty-eight percent of the site’s acreage will not be developed and remain wooded, while another 48 acres will be dedicated to agricultural use.
“We are excited to partner with Rand Commercial to develop this exciting project,” said Michael Oates, Managing Partner of Bellefield Development Partners, LLC. “The Rand Commercial team has a long track record in the Hudson Valley for finding the right real estate solutions for their clients. We believe that Paul Adler and his team understand the food, beverage, and tourism industry sectors and can bring that expertise to our site.”
Oates, who is also the Chairman of the Walkway Over the Hudson in Poughkeepsie, New York, chose the location for the project because of Dutchess County’s rich tourism activity, with the area welcoming around 4.5 million tourists each year and receiving $528 million from them in 2015.
The site will be divided into district zones: a hospitality zone, which will feature the Inn at Bellefield and a second boutique hotel; a marketplace zone, which will include artisan food and beverage companies; and a manufacturing and research and development center zone, which will consist of food- and beverage-oriented businesses.
Bellefield is also in talks with numerous companies to establish their enterprises at the complex, including a craft brewery, a coffee roasting company and a pasta manufacturing company.
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