Hyde Park, N.Y. (September 15, 2015) – Developers with T-Rex Capital Group LLC unveiled the results of an economic impact study of their proposed Bellefield at Historic Hyde Park development. The results of the study, conducted by Hotel & Leisure Associates, were released to the Hyde Park Town Board at their meeting Monday evening.
The study projects that Bellefield at Historic Hyde Park would have an enormous positive economic impact on Hyde Park, Dutchess County and the State of New York. According to the study, in the initial phase alone, economic gains would include the creation of more than 550 construction jobs and 369 full-time, permanent on-site jobs. Equally positive is the projected generation of tax dollars. The study projects that over the next ten years, more than $118 million in state, county and town taxes would be generated by Bellefield at Historic Hyde Park. According to the study, the ten year combined operation and visitor spending economic impact will be over $634 million.
“From tourism attraction to generation of tax dollars, Bellefield at Hyde Park could spark a far-reaching economic revitalization,” said Tom Mulroy, Chief Executive Officer, T-Rex Capital Group LLC. “Not only will Bellefield create permanent jobs, it will also infuse dollars into existing local businesses.”
“As a Hyde Park native, I’m thrilled that we at T-Rex were able to present such a positive economic impact report to the Hyde Park Town Board,” added Joe Gaudio, Managing Partner, Bellefield Development. “The report confirms that Bellefield at Historic Hyde Park would be a tremendous economic asset for Hyde Park, Dutchess County, and the entire state.”
“If approved, this project will become a strong force in Hyde Park’s economy,” commented Michael Dupree, Chairman, Town of Hyde Park Planning Board. “We’ve built a strong and productive working relationship with the principals at T-Rex and my colleagues and I look forward to reviewing the more specific set of development plans, which is the next step after conceptual approval.”
About Bellefield at Hyde Park:
Bellefield at Hyde Park is a $500 million dollar tourism destination proposed for development on Route 9 across from the Culinary Institute of America (CIA). Initial plans call for development of two hotels, a conference center, a free standing signature restaurant, a spa, and culinary based retail establishments with 40 residential lofts above. 58% of the site’s 339 acres will remain wooded and undeveloped to preserve the natural beauty of the site.
About T-Rex Capital Group LLC:
T-Rex Capital Group LLC is an experienced, highly competent privately held real estate equity firm. T-Rex has sourced and invested in proprietary transactions encompassing more than 11 million square feet with a gross asset value of over $2.5 billion. Its key executives average over 25 years of experience with more than $7 billion of investing and development experience.
For more information about Bellefield at Hyde Park and T-Rex Capital Group LLC, visit www.bellefieldhydepark.com.