ReportWire

Tag: suffolk otb

  • Suffolk OTB buys land that was donated to village for $12.5M | Long Island Business News

    [ad_1]

     

    THE BLUEPRINT:

    • Village of sells 8.5-acre donated parcel to for $12.5M

    • Land to support Jake’s 58 Casino Hotel expansion, including parking

    • Trader Joe’s developing major warehouse project on adjacent former CA site

    • Jake’s 58 expansion to add gaming space, food court, parking garage and jobs

    An 8.5-acre parcel of land that was donated to the Village of Islandia and suggested as a site for veterans housing has been sold to Suffolk Regional Off-Track Betting for its ongoing expansion of Jake’s 58 Casino Hotel. 

    Suffolk OTB paid $12.5 million for the parcel that adjoins the existing Jake’s Islandia property. The land had been donated to the village a couple of years ago by the owners of the former next door. The donated land was earmarked by the village as a potential development site for veterans’ housing, according to real estate sources, but the village sold it to Suffolk OTB instead. 

    About half of the land will be used as parking for Jake’s and use for the rest of the property is yet to be determined, according to Suffolk OTB CEO Phil Boyle. 

    Islandia Property Owner LLC, the ownership group that acquired the 800,000-square-foot former CA headquarters on 66 acres in Oct. 2021, sold the property to the Monrovia, Calif.-based grocery chain Trader Joe’s for $118.5 million in August, as first reported by LIBN. Trader Joe’s is already constructing a three-building, 921,000-square-foot project on the site that will include a 756,032-square-foot warehouse and distribution building. 

    The Islandia site’s former ownership group, Axonic Capital, Taconic Capital Advisors, Onyx Equities and Jericho-based Oxford and Simpson, acquired the sprawling CA campus after paying $24.1 million for the $165.6 million commercial mortgage-backed securities (CMBS) note on the property  and took ownership after negotiating with the borrower on a mutually agreed upon “friendly” foreclosure, as LIBN previously reported. The group had planned on developing an eight-building industrial facility before selling the Islandia property to Trader Joe’s. 

    Rendering of the new Center Bar at Jake’s 58. / Courtesy of bld Architecture

    The $210 million expansion of Jake’s Casino Hotel includes a new 110,500-square-foot building that will house 1,000 additional video slot machines and a 200-seat food court. The project also features a new three-and-a-half level, 168,000-square-foot parking garage that will accommodate about 500 vehicles, a 17,500-square-foot VIP lounge and entertainment area, a 3,500-square-foot space for weddings, parties and corporate , a “high-end” restaurant, and renovations to the existing casino, third floor offices and the hotel’s 210 guest rooms. 

    The expansion project, headed by Ronkonkoma-based Aurora Construction and designed by Patchogue-based bld Architecture, is creating 800 and more than 200 additional permanent jobs, eventually bringing the total staff at Jake’s to nearly 700 employees. 

    The Village of Islandia, which already receives $2.25 million a year from Jake’s, will begin getting $4.25 million annually once the additional slot machines go live next year.


    [ad_2]

    David Winzelberg

    Source link

  • Suffolk OTB expands and relocates in Hauppauge | Long Island Business News

    [ad_1]

    Suffolk Regional Off-Track Betting Corporation has a new headquarters. 

    is relocating 90 to 100 of its employees to its new property at 1180 in Hauppauge. 

    The three-story, 37,113-square-foot office building on 2.19 acres was purchased by Suffolk OTB for $6.5 million in Feb. 2022. 

    The property was formerly occupied by the Internal Revenue Service, which moved its personnel to the IRS offices at 5000 Corporate Court in Holtsville. The new headquarters represents an expansion for OTB, as its leased office space on Oser Avenue, where most of its staff is relocating from, is about one-third the size. 

    “While our Suffolk OTB staff had historically been dispersed over multiple buildings in the county, this new corporate headquarters will make our company much more efficient by housing everyone under one roof,” Phil Boyle, Suffolk OTB’s president and CEO, told LIBN. “We are also fortunate that the building is located within minutes of our primary asset, Hotel.” 

    As OTB staff continues to move over to the new , the $210 million expansion and renovation project at Jake’s 58 continues in Islandia. Construction on the new three-and-a-half level, 168,000-square-foot parking garage has been completed and the casino’s new 110,500-square-foot building that will house an additional 1,000 video gaming machines is expected to be finished next summer. 

    The renovations at Jake’s 58 hotel, which include a new 17,500-square-foot VIP lounge and entertainment area, a 3,500-square-foot space for weddings, parties and corporate , a “high-end” restaurant, and renovations to the existing casino, third floor offices and the hotel’s 210 guest rooms, will get underway once the new building opens. 

    John LaRuffa, Nicholas Gallipoli and Frank Frizalone of Cushman & Wakefield brokered the deal and represented the seller, VMH Realty LLC, in the Hauppauge sales transaction.   


    [ad_2]

    David Winzelberg

    Source link