NewHavenBIZ

20 n e w h a v e n B I Z | O c t o b e r 2 0 2 1 | n e w h a v e n b i z . c o m R E A L E S T A T E P O W E R 2 5 projects that are "social and environmental game-changers" and works to transform underused historic buildings. e new Hotel Marcel New Haven will have 165 guest rooms, a restaurant, bar and meeting space. It will be under the Tapestry Collection by Hilton umbrella. According to Hilton's website, the compa- ny anticipates the hotel will open in Jan. 2022. In keeping with Becker's environmental focus, the hotel will feature solar power. According to Becker, it will be the first net-zero energy hotel in the country. In the summer of 2020, Becker's compa- ny also started a renovation and addition project at the Cary Institute of Ecosystem Studies in Millbrook, New York. Randy Salvatore, President & CEO, RMS Companies Randy Salvatore, president and CEO of RMS Cos., has developed a portfolio that includes rental apartments, commercial space and boutique hotels. Salvatore started RMS as a one-man real estate firm in 1996. Since then, Salvatore's Stam- ford-based compa- ny has grown into a large-scale building, development and management company. Salvatore was the developer behind New Haven's Blake Hotel, which debuted in 2019. Salvatore has also developed apartment buildings in New Haven. Parkside at City Crossing in New Haven was completed in 2019. e $23 million development features 110 luxury apartments and ground-level commercial space. Parkside was the first phase of the city's Hill-to-Downtown Community Plan, which is aimed at reconnecting the Hill neighborhood with downtown. When Parkside first opened, Salvatore expressed confidence it would create a vibrant area to live, work and play. Aer Parkside, RMS built Aura at City Crossing, with 104 apartments, and the Maddox at City Crossing, with 90 apart- ments. e Pierpont at City Crossing, with an additional 223 apartments, is slated to be finished in spring 2022. Salvatore's residential developments offer tenants a variety of different floor plans and ameni- ties, such as gyms, recreation spaces and meeting rooms. In another large-scale project on the horizon, Salvatore is building a $50 million, 270-unit apartment project near Dunkin' Donuts Park in downtown Hart- ford, expected to debut in the first quarter of 2022. Michael Richetelli, President & Designated Broker, Colonial Properties Inc. Michael Ri- chetelli has been president and des- ignated broker of the Orange-based Colonial Prop- erties Inc. since 2001. Richetelli has been a licensed Realtor since 1996, and has focused on commercial sales and leasing, investment sales, property man- agement, construction and development. Colonial has grown in market share under Richetelli's guidance and has seen robust activity as the pandemic subsides and businesses stabilize. According to Richetelli, there has been particularly high demand for industrial, retail and flexible space. Under Richetelli's leadership, Colonial has handled several interesting deals in recent months, including leasing 968 Chapel St. in New Haven, formerly the longtime home of an Ann Taylor clothing store, to a new downtown convenience store. In another recent deal for Colonial, Revolution LLC leased approximately 3,000 square feet of warehouse and 1,000 square feet of office space at 252 Depot Road, Unit C, Milford, for a new basket- ball training center. Colonial represented the buyers in the purchase of a waterfront Milford proper- ty, formerly the Costa Azzurra restaurant and banquet facility, for $3.65 million. e buyers plan to open a new catering hall and restaurant venue, Tyde at Walnut Beach, at the site. Richetelli has been active in profession- al and community organizations, such as serving on the board of directors for the Greater New Haven Association of Realtors. He has served on the boards for the Orange Chamber of Commerce and Orange Economic Development Corp. Kevin and Kristin Geenty, the Geenty Group Kristin Geenty and Kevin C. Geenty, the father-daughter duo behind e Geenty Group, Re- altors, in Branford have been working together for two decades. Kevin founded the company in 1986, aer more than a decade of brokerage and mentorship with the late Herb Pearce of the H. Pearce Company. Kevin began his commercial real estate career in 1969. Kristin joined the company as an agent in 2000 and became president six years later. She is now majority shareholder, making e Geenty Group one of the few women-owned commercial real estate firms in the country. According to the pair, the pandemic has brought an industrial and multifami- ly boom to the region, with high demand for apartments and luxury condomini- ums. Biotech growth is fueling the adap- tive reuse of both suburban flex buildings and downtown office space. "e rise in biotech and life science companies siting their labs and offices in Branford is changing the profile of the town," the Geentys said. e Geenty Group has had several large transactions in the past year. ey represented R & R Freight Logis- tics LLC in the sale of its North Bran- ford complex, which consisted of three buildings totaling 32,634 square feet on 4.45 acres, for $1.7 million. e Geentys also represented the company in its lease of 100,000 square feet of warehouse space in Meriden. e Geenty Group was also the sole agent in the sale of the Quinnip- iac River Marina in New Haven. Multiple parcels on about 2 acres and a business were sold for $1.6 million. e Geentys have had leadership roles with the commercial investment division of the Greater New Haven Board of Real- tors during their careers. Kevin spent 35 years as an industrial specialist designee with e Society of Office & Industrial Realtors, holding positions nationally, regionally and as president of the Con- necticut Western Massachusetts chapter. Kristin is a board member of the Greater New Haven Chamber of Com- merce and served a term on the board of e New Haven Symphony. William Raveis, Chairman & CEO, William Raveis Real Estate It has been a year of growth and ex- panded programs for Shelton-headquar- tered William Raveis Real Estate. e company had a modest beginning, when founder William Raveis borrowed $2,000 from a bank and launched the firm in an office above a gro- cery store in 1974. Within a decade, Raveis had already established a mortgage company, insur- ance agency and relocation business. Today, his firm has some 4,300 agents spanning multiple states, including Con- necticut, Florida, Massachusetts, New Hampshire, New York, Rhode Island, Maine and Vermont. In 2020, the firm reported closing $16 billion in real estate sales. In August, Raveis' company added to its team with the acquisition of a brokerage in Florida, Sarasota-based Key Solutions Real Estate. e acquisition marked Raveis' further expansion into the Florida market, as it also has a pres- ence in Naples and Palm Beach. William Raveis, chairman and CEO, said at the time that "Florida is hot in more ways than one," with more people from the Northeast buying primary or vacation homes in the southern state. According to Raveis, the company plans continued expansion in Florida. Raveis' company also expanded re- cently with a new service, called Raveis Purchase. It aims to solve the conundrum facing many homebuyers, who need cash to make a downpayment on a new home, but haven't sold their current one yet. Under the program, clients can sell their existing home to William Raveis for up to 80% of its value to unlock equity to quickly make an offer on a new home. Once the old home is empty, Raveis completes any needed renovations and lists it for sale. When the home sells, the homeowner gets the remaining proceeds. Lou Proto, Owner, Proto Group Lou Proto, owner of the Proto Group commercial real estate firm in North Haven, embarked on his real estate career back in 1989, when he joined Levey, Miller, Maretz in New Haven as a sales representative. Proto made his mark and was named partner in 1992, but ultimate- ly decided to form his own company in 1999. e Proto Group became a prominent com- mercial real estate firm in the area, and it has been involved in the development of a number of large retail projects in the tri-state area and New England. In the past year, Proto has been in- volved in several large deals, including the sale of the long-vacant former Deb- onair Beach Motel site, at 295 Beach St., West Haven, which sold for $1 million. e new owner is eyeing a potential lux- ury hotel at the site. Proto also handled the sale of the former Chick's Drive-In, at 183 Beach St., West Haven, another $1 million deal. e new owners of that long-vacant site are considering having a restaurant there. In another large deal, Proto brokered the sale of a former religious property in Branford, which sold for $1.6 million. e 77,470-square-foot Monastery of the Glorious Cross at 61 Burban Drive traded hands in April. According to Proto, the industrial mar- ket remains strong and the multifamily sector has been growing for the past five years, while the office market is slowly making a comeback from COVID-19. "e economy is a driver for each sector and over the past 32 years, all the markets, whether it's retail, office, mul- tifamily or industrial, vary based upon what is trending in the economy," Proto said. Proto is a member of the International Council of Shopping Centers, New Ha- ven Middlesex Association of Realtors, e Amity Club, Porcini International and St. Andrew Society. He serves as a member of the Ronald McDonald House advisory board and is the title spon- sor for Friends of Jimmy Miller, which supports programs to benefit children in crisis. He received the St. Michael Award in 2019 for facilitating the sale of a for- mer school and convent and donating his fees back to the church. Continued from previous page

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