The project is a MGL Chapter 40-B mixed-income rental community which will consist of two, three-story garden buildings containing 108 total units and an enclosed 35 space parking garage (194 total parking spaces on site).  Approximately 28% of the units will be designated affordable and the remainder will be market rate.  The floor plans for the property’s garden style units are a mix of one,  two, and three bedroom layouts, and range in size from 786 to 1,698 square feet.  The property will feature amenities such as a fitness center, library/community room, granite countertops, and in-unit washers and dryers.  The Federated Companies will be the project’s general contractor, and demolition on the existing industrial building is slated to begin next week with construction starting in spring of 2012.  Pre-leasing is expected to begin in the first quarter of 2013.

“The Federated Companies is excited about Legacy Park Wilmington,” stated Nick Wexler, Chief Operating Officer of The Federated Companies.  “The project is located in a suburban market with excellent demographics and the site is immediately adjacent to the Wilmington commuter rail station.  The town offers a high quality of life in a quaint suburban setting, is less than 15 miles from downtown Boston and minutes from the Route 128 technology corridor.”

This transit orienteddevelopment provides rail service to downtown Boston in less than 30 minutes  and is less than 2 miles from the Interstate-93.  With its own school district and proximity to Silver Lake, the Town of Wilmington was named by Bloomberg’s BusinessWeek as the “Best Affordable Suburb” in Massachusetts for 2010.

Maritime Landing encompasses seven lots of land totaling 3.25 acres, is conveniently located on Somerset and Elm Streets, providing easy access to downtown Portland, the historic Old Port, and I-295; and is less than one mile to the University of Southern Maine campus.  Plans for the project include approximately 97,161 square feet of retail; a 96,000 square foot full-service hotel; 554 luxury housing units, and a 1,060 space public parking structure.  The development is shadow-anchored by Whole Foods and Trader Joe’s, has excellent street visibility, high traffic counts, ample street parking, and offers highway signage opportunities.  Construction of the project’s first phase is scheduled to commence in April 2012.

“We continue to be excited about Maritime Landing, and are confident that the combined area and retail experience of the team of The Dartmouth Company and WRE Commercial Brokers make them the best selection for this project,” said Nick Wexler, Chief Operating Officer of The Federated Companies.

“We are thrilled to work with The Federated Companies on such an exciting project,” said The Dartmouth Companies’ Peter Considine.  “Given the ideal location and size of the space available, we believe that Maritime Landing will be one of Portland’s most desirable retail locations.”

About the Federated Companies

The Federated Companies is a national real estate investment group with offices in Boston, MA and Miami, FL. The company is a vertically integrated organization that is a leader in the acquisition, development, construction, and management of multifamily apartment communities and net lease retail assets. Founded in 1999, the company has successfully navigated several market cycles, demonstrating program flexibility, and disciplined investing. In addition to its traditional investment objectives,  The Federated Companies strives to maintain a competitive edge in the marketplace while balancing environmental, economic, and social objectives.  The firm is a member of the United States Green Building Council and a Federal Energy Star Partner.

About The Dartmouth Company

The Dartmouth Company is a full service commercial real estate firm specializing in the leasing and sale of retail properties throughout New England and upstate New York. With offices in Boston,  MA; Albany, NY; Greenwich, CT; and Paramus, NJ – The Dartmouth Company’s twenty experienced brokers represent a variety of national, regional, and local retail tenants. In addition to tenant representation, The Dartmouth Company also represents public and private landlords in the leasing of retail shopping centers, storefronts, and other commercial properties.  The key to the company’s success has been the quality of its team members and an in-depth understanding of the markets in which they operate.  The well-balanced Dartmouth team has a twenty-year track record of exceeding  the expectations of its landlord and tenant clients.

About WRE Commercial Brokers

WRE is a full service commercial real estate firm specializing in the leasing and management of retail properties throughout the State of Maine. In addition to its landlord work, WRE serves as a tenant representation broker for many national and regional tenants throughout the State of Maine and the broader New England market. The key to the company’s success lies in its thorough understanding of the needs of its landlord and retailer client base, an intimate knowledge of the Company’s market area, and the determination to achieve superior results and remain a leader in the Maine real estate market.

Having completely disposed of its retail assets, The Federated Companies is now directing its energies at being an opportunistic player in the multifamily space.

According to Brian Connell, CEO of The Federated Companies, some of the best multifamily investment opportunities can be found in “high density markets in the Northeast region of the United States where barriers to entry are high.” In addition, the company is seeking investments further south, near major cities across the Eastern Seaboard. The company is also making a concerted effort to identify “development opportunities that fit the Company’s investment profile” in South Florida, which is still in recovery, he notes.

Read the complete interview:

http://federatedcompanies.com/news/wp-content/uploads/2011/09/MHN-Online-Conversation-with-Brian-Connell-CEO-of-The-Federated-Companies-9-12-11.pdf

“Gerard has an outstanding track record of success in acquiring,  financing, and selling commercial real estate,” said Brian Connell, Chief Executive Officer of The Federated Companies.  “We are confident that his background and experience will expand our investor and partner relationships, and support our efforts in identifying opportunities that meet our investment criteria.”

Prior to joining The Federated Companies, Mr. Yetming advised on over $6 billion of commercial real estate transactions during his tenure as First Vice President of Investment Properties for CB Richard Ellis’ Multihousing Group.  He has also served as President for several companies including Advance Building Maintenance, where he was responsible for the acquisition of the company, and Realcap Corporation, a real estate investment advisory company sourcing and analyzing potential acquisitions for private equity investors.  He has also been an active real estate investor since 2002, having formed real estate investment ventures specializing in the acquisition and management of multifamily assets.   Mr. Yetming received his MBA from The Wharton School at the University of Pennsylvania and his Bachelor of Mathematics with honors from the University of Waterloo.

“The performance of The Federated Companies is a testament to the contribution of our employees,” said Jonathan Cox, Founder and Chairman of The Federated Companies.  “The efforts of The Federated Companies’ team members have allowed the company to navigate the recent challenges facing the real estate industry and the general economy.”

To read more:

http://federatedcompanies.com/news/wp-content/uploads/2011/09/SFBJ-Entrepreneur-Awards-2011-announcement.pdf

Related articles:

Florida Real Estate Journal – July 7, 2011

http://federatedcompanies.com/news/wp-content/uploads/2011/07/Florida-Real-Estate-Journal-Federated-Companies-buys-Maine-acreage-7-7-11.pdf

Multihousing News Online – July 12, 2011

http://federatedcompanies.com/news/wp-content/uploads/2011/07/Multihousing-News-Federated-to-Purchase-Land-from-City-for-Mixed-Use-Project-in-Portland-Maine-7-12-11.pdf

New owner wants to build 76 homes on go-kart property

After the Goldman family sold its 13-acre go-kart property on Beach Road to The Federated Companies, many wondered what would become of the Goldmans’ approved plan to build a 210-unit condo there.

Recently, the Planning Board learned that the new owner wants to change the scope of the project to 76-single family homes, Planning Board Chairman Larry Cudire said, and the news was a delight.

To read the entire article:

http://federatedcompanies.com/news/wp-content/uploads/2011/07/Newburyport-Daily-News-Developer-Reduces-Beach-Plan-7-1-11.pdf

The city plans to sell 3.25 acres that it owns on Somerset and Elm streets, opening the property to development of stores, offices and housing and furthering the transformation of the Bayside neighborhood.

Read the complete article:

http://federatedcompanies.com/news/wp-content/uploads/2011/05/Portland-Press-Herald-City-sees-sale-of-land-as-progress-for-Bayside-5-25-11.pdf

Related articles:

Portland Daily Sun – May 25, 2011:

http://federatedcompanies.com/news/wp-content/uploads/2011/05/Portland-Daily-Sun-Miami-developer-plans-mixed-use-project-with-housing-commercial-space-5-25-11.pdf

Portland Daily Sun – May 26, 2011:

http://federatedcompanies.com/news/wp-content/uploads/2011/05/Portland-Daily-Sun-Proposed-2.3M-Bayside-land-sale-clears-hurdle-5-26-11.pdf

The Federated Companies recently sold its last remaining retail asset so that the firm can focus on multifamily development. Around 2005 and 2006, the company was headed in the opposite direction, moving away from multifamily and toward retail, but then changed its course a few years later due to market conditions. Since 2009, the Federated Companies has accumulated development rights for more than 3,000 multifamily units. CEO Dung Lam discusses with MHN the different factors that have led to these strategic decisions.

Read the interview:

http://federatedcompanies.com/news/wp-content/uploads/2011/05/Multihousing-News-Online-Interview-with-Federated-Companies-Dung-Lam-5-26-11.pdf

 http://federatedcompanies.com/news/wp-content/uploads/2011/07/Leadership-in-Housing-Builder-Award.pdf