On May 25th, 2017 Jim Coughlan, Principal of TRITEC Real Estate Company spoke at the Hauppauge Industrial Association of Long Island show executive luncheon. The purpose of this HIA-LI Luncheon was to connect Long Island businesses and to explore recent and upcoming projects here on Long Island with panelists from some of Long Island’s most prominent real estate companies. Panelists included Joe Campolo of Campolo, Middleton, & McCormick, LLC, Marty Dettling of the Albanese Organization, Don Monti of Renaissance Downtowns and it as moderated by Mitch Pally of the Long Island Builders Institute. During the presentation, Mr. Coughlan spoke about how to expand and grow our overall economy through revitalization and how some of TRITEC’s project will play a role in doing that.
Jim explained how introducing developments like New Village at Patchogue had an enormous impact on the local community. The now completed New Village at Patchogue turned six blighted properties around a municipal parking lot into a useful economic engine for the Village of Patchogue. This project created over 1,560 construction, full time and secondary jobs. Over 20 new restaurants and retail establishments came to Patchogue partly due to the opening of New Village. Mr. Coughlan stressed that although a lot of emphases gets placed on the “Brain Drain” TRITEC and other developers need to create places for all ages, not just the millennials. Jim spoke about how development or the hope of a revitalization project creates activity. Patchogue has experienced a renaissance with over $455 million in development from 2004 to 2016, and the same economic activity is happening in places that are just beginning their revitalization. TRITEC’s project The Shipyard at Port Jeff Harbor, currently under construction, has already generated new secondary jobs and helped to spur the opening of new restaurants and high-end shops.
The Ronkonkoma Hub, TRITEC’s largest Long Island project in development, was also a significant topic of discussion during the event. The Hub, a multi-phased development, is located on 50 acres on the North side of Ronkonkoma Train Station. This project is going to change the character of this blighted area creating a true downtown immediately accessible by train and adjacent to the MacArthur Airport. Transportation is the core of the project because both Millennials and Baby Boomers pursue job and entertainment opportunities in New York City. Like other TRITEC projects such as New Village at Patchogue and The Shipyard at Port Jeff Harbor, there are high hopes that this project will influence many more restaurants and shops to help to enliven the new downtown. The Ronkonkoma Hub also has a significant amount of office space as part of the development. Several large employers have already expressed interest, citing an amenity-rich environment that will help attract top talent from the local labor pool as well as those who prefer to live in the city and take advantage of the reverse commute.
All of the developers on the panel hope to change run down and blighted environments and turn them into desirable communities where people want to live, work and play.