$1 Billion Project, One of New York State’s Largest, Will be an Economic Powerhouse with Unique Culinary, Residential and Recreational Options
HYDE PARK, N.Y. (March 24, 2023) – An update on construction of Bellefield at Historic Hyde Park – at $1 billion, the largest current in-development project in the Hudson Valley and one of the largest in New York State – was well received by the Hyde Park Chamber of Commerce today, mirroring widespread support from the local community as well as municipal and New York State officials.
The multifaceted mixed-use project, being developed by Bellefield Development Partners, an affiliate of T-Rex Capital Group, LLC, will be a world-class hospitality, tourism and sustainable agri-tourism destination with residential options. Located across Route 9 from the renowned Culinary Institute of America, Bellefield consists of 2.1 million square feet of development. Residential space comprises 60% of the project; commercial space is 40%. The site will help preserve the region’s natural beauty by ensuring that more than half of the property’s 340 acres remain as undeveloped woods.
The presentation to the Chamber of Commerce was provided by Larry Boudreau, President of Bellefield at Historic Hyde Park Development, and Kelly Libolt of KARC Planning Consultants. They highlighted progress on the first phase of vertical construction, the Inn at Bellefield by Residence Inn, which is scheduled for completion in the fourth quarter of 2023. Prior to the hotel’s opening, Bellefield’s Wastewater Treatment Plant will be commissioned. The presentation also went into some of the details of the PILOT (Payment in Lieu of Taxes) application adopted by the Town Board and currently being reviewed by the Hyde Park Central School District. Boudreau and Libolt also outlined the future construction schedule and how the overall project will take shape. Bellefield’s next Phase, 2A, is scheduled to start later this year.
“The Bellefield team is pleased that the Hyde Park Chamber of Commerce welcomed this update, and we are appreciative of its support,” Boudreau said. “The Chamber team shares our vision that Bellefield at Historic Hyde Park will energize Dutchess County and the entire Hudson Valley by creating a world-class hospitality, tourism and sustainable agri-tourism destination with residential options set amid a culinary‐themed planned community.”
“What a great presentation today from the Bellefield at Historic Hyde Park team. We are very excited for this project to progress and to support Phase II of the project and the PILOT application. This project will have positive benefits for the community and region for generations,” said Dot Chenevert, President of Hyde Park Chamber of Commerce.
The Inn at Bellefield, with 137 rooms, is a $52 million project being developed by T-Rex in partnership with Shaner Hotel Group, LP. It is the first of two hotels the completed development will offer. The next phases of construction include:
• 400,000 square feet of retail and commercial space that will be include restaurants, breweries, a high-end grocer, day care, co-working space, a film production studio and agriculturally themed specialty shops.
• Approximately 600,000 square feet of residential space that includes 344 rental units and 129 condominiums.
New York State’s Mid-Hudson Regional Economic Development Council (MVREDC) and Empire State Development (ESD) have played a vital role in facilitating the project, securing $3.25 million in Empire State Development and $1 million in Market New York grant funds through the Consolidated Funding Application process. Bellefield at Historic Hyde Park was designated a regional priority project by the Mid-Hudson Regional Economic Development Council.
A key attraction of Bellefield at Historic Hyde Park will be an integrated residential “Agrihood,” the first in the Northeast. Its vision perfectly aligns with the Hudson Valley’s well-established culture of sustainability and eco-friendliness. The Agrihood’s culinary shops, farm-to-table restaurants, breweries, restaurants, distilleries, special-events barn and educational center will complement the Culinary Institute of America and surrounding region. Often referred to as America’s breadbasket because of its historic production of food for the New York metropolitan market, the Hudson Valley takes great pride in its food and wine traditions. Approximately 25 million tourists a year visit the Hudson Valley – 600% more than Napa Valley’s annual visitation of 3.8 million tourists.
Bellefield at Historic Hyde Park also will create much-needed quality housing in a region with a substantial ongoing demand for, and a documented shortage of, quality housing. A diversity of residential product types, including rentals, condominium flats, cottages, townhouses, and single-family homes, will cater to a wide pool of potential residents and foster a vibrant community.
About Bellefield at Historic Hyde Park
Bellefield at Historic Hyde Park is a $1 billion tourism destination under development on Route 9, across from the Culinary Institute of America. Plans call for development of two hotels, a conference center, free-standing and inline signature restaurants, brewery, winery, a spa, culinary-based retail establishments and residential. Fifty-eight percent of the site’s 340 acres will remain wooded and undeveloped with another 48 acres devoted to agricultural use to preserve the natural beauty of the site. New York State’s Mid-Hudson Regional Economic Development Council has selected Bellefield at Historic Hyde Park as a “priority project.” For more information about Bellefield at Hyde Park and T-Rex Capital Group LLC, visit BellefieldHydePark.com.
About T-Rex Capital Group LLC
T-Rex Capital Group LLC is an experienced privately held real estate 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 more than 25 years of experience with more than $7 billion of investing and development experience. For more information, visit TrexCapitalGroup.com.
About Shaner Hotel Group
Shaner Hotel Group is one of the foremost owner-operator companies in the hospitality industry with more than 60 hotel properties owned and managed across the United States, Italy, Greece and the Bahamas. New properties are constantly evaluated as the Shaner Hotel Group continues a conservative, yet opportunistic approach to growth. Shaner is an approved management company and franchisee of Marriott International, Inc., Hilton Hotels Corporation, Intercontinental Hotels Group, and Choice Hotels. For more information about the company and its divisions, visit shanercorp.com.
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