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Friday, June 17, 2016

Breaking News - Jefferson Promoter Greg Belew Leaves JPI

A review of the various online trade journals and newsletters for the multi-family industry indicate that developers have been increasingly targeting the Northeast region of the United States for growth. As an example, TDI (a strategic partner of JPI, the developer of The Jefferson) was the developer of the $40 million transit-oriented, mixed use project in Farmingdale, NY across from the Farmingdale LIRR rail station which has been covered in a prior blog post which can be seen  here: Texas Shill Game

In a press release issued in connection with that undertaking, the following appeared:

“The Farmingdale Station project is a unique opportunity to create a mixed-use, transit-oriented development in the heart of Nassau County,” says Greg Belew, TDI investment partner, Northeast. “TDI was able to partner with a local developer who could not obtain financing and finished design and approval work to get construction underway for a project that will serve an area in need of revitalization.”

TDI, which is headquartered in Irving, Texas, has more than 2,200 units in development in Arizona, New York and Texas and plans to develop an additional 2,000 units in the next year. Its Northeast office, located in Irvington, N.Y., specializes in urban infill, transit-oriented and mixed-use developments.

“We are aggressively seeking similar opportunities in the Northeast where our strong track record and access to capital can move great projects such as this on forward to completion,” Belew says.

The brownfield cleanup application filed on behalf of The Jefferson and accepted by the NYS Department of Environmental Conservation was overseen by Mr Belew:




He also appeared to be the contact person for their Northeast regional office (where it is across the street from the Irvington Metro North Station on the Hudson Line). 

Multi-Family News, an online newsletter for the multi-family industry, has now reported that Mr. Belew has left JPI and joined the Alliance Residential Company. Alliance's website describes it as follows:

"Alliance is one of the largest private U.S. multifamily companies with offices throughout the West, Southwest, South-Central, Southeast, Mid-Atlantic and Northeast. We have invested in more than $10 billion worth of real estate and manage a $14 billion portfolio with a focus toward superior local leadership and a comprehensive national support structure."
The full press release including Belew's long record of development activity at JPI can be read here: JPI's Belew Joins Alliance Residential.

Whether this is just a career move for Mr. Belew or it hints at something else regarding The Jefferson project is impossible to say. A phone call to Mr. Belew was not returned.

We do have one suggestion for JPI - if you are going to proceed with this misbegotten project, at least rename it The Hamilton. This would be more appropriate as Alexander Hamilton is reputed to have had an artillery encampment at the present day location of Ardsley's Concord Road Elementary School during the Battle of White Plains. In fact, the entrance way to Concord Road is a street with one house named Alexander Hamilton Avenue. But then again, JPI has never shown any interest in honoring our local history. historical amnesia

Of course, on July 11, 1804, former Secretary of the Treasury Hamilton was killed by sitting Vice-President Aaron Burr in a duel held in Weehawken, N.J. (our current presidential battle is thus seemingly tame by these standards).

Given that we are in a presidential election year, it should be of interest that Irving, Texas, the home of JPI, (and in light of Belew's departure, perhaps the former developer of The Jefferson?) is notable for its connection to presidential history. On the night of November 21, 1963, Lee Harvey Oswald slept in a suburban house in Irving, Texas where he stored the Italian made surplus rifle he obtained by mail order used the next day to assassinate President John F. Kennedy from inside the Texas Book Depository where he was employed. Roadside America 

The house, which belonged to Ruth Paine, a friend of the Oswald family, has been turned into a museum. Paine House Museum  Not surprisingly, JPI appears not have had any involvement with the preservation of its hometown's history.

In other news, JPI's website ( current developments) has no information on a certain project in Ardsley, New York, which is 1400 miles away from the Paine House Museum.













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