Rechler Equity Breaks Ground on $100M M-U Project in Hamptons
- May 01, 2014
The highly anticipated Hampton Business District at Gabreski, a unique $100 million mixed-use development at Francis S. Gabreski Airport in Westhampton Beach, N.Y., has gotten underway. Developer Rechler Equity Partners just broke ground on the first building of the 440,000-square-foot project, which is being touted as the East End’s first world-class business park.
It’s not a case of ‘if you build it they will come’. The demand for Hampton Business District already exists. “There is no real quality office or industrial product in the Hamptons and surrounding area, so business owners either occupy inferior space or operate further west,” Mitchell Rechler, a managing partner of Rechler Equity Partners, told Commercial Property Executive.
Located on 50 acres owned by Suffolk County, the Hampton Business District has been designed to cater to both small and large businesses in a wide range of industries. The premier eight-building property will offer industrial space, state-of-the-art office space, and medical office accommodations, the latter of which is in response to an increasingly loud cry. “Since we began marketing two years ago, we have seen significant demand for medical. Medical expansion has also become a trend throughout the region,” Rechler added.
Construction of medical and office space at 205 and 215 Roger’s Way will follow the property’s first structure, a 60,000-square-foot industrial building at 220 Roger’s Way.
But Hampton Business District is not just for office and industrial tenants. It will also feature a 145-room hotel—another much-needed accommodation. “Knowing the area, we know that there is a shortage of quality and there are no flag hotels in the Hamptons,” Rechler said.
And there’s more. The project will also feature a day care center, a health club, and a bank.
At the groundbreaking ceremony, Southampton Town Supervisor Anna Throne-Holst summed up the importance of the project. “The Hampton Business District will make significant contributions to the continued growth of small and large businesses and to the evolution of the East End economy. Now that shovels are in the ground, we look forward to this ambitious development taking shape and offering companies from across Long Island a place to flourish and expand.”