Alteren reps ramp-up ad
NORWICH – Lacking any assurance that the New York Regional Interconnect power line will go away, officials representing the Alteren resort project are running advertisements seeking developers and investors to buy the idle property.
Over the past several weeks Alteren has updated its website and ran a half-page advertisement in the New York Real Estate Journal touting the nearly four-year old proposal. Dennis Greco of Greco Commercial Real Estate in Buffalo said Tuesday the group is currently looking to sell 725 acres in the Town of Norwich at a cost that is still being determined. Recent investment pitches for the land have included selling 1,000 acres at $12.8 million.
“We need to see who are market is and get feed-back,” said Greco, who’s been “working” with Alteren for several months. “The interest is there, we just need to shake the tree and see what’s out there.”
Alteren was first introduced in 2003 by developer Steven Stark as a $62 million resort – a sprawling 2,000 acre resort complete with a 155-room hotel, lavish housing structures, villas, spas, shopping centers, and an 18-hole golf course – that would overlook the City of Norwich from the eastern hillside above county Rte. 32. Since then plans and prices have been scaled-back and delayed, until the project finally went stale in 2006 after NYRI announced it would run high voltage lines across the proposed resort’s view-scape.
“We have that power line thing hanging over our head,” said Greco. “That’s the biggest thing.”
In February, Alteren’s Managing Partner Bill Bobo, with associates Joe LoVullo and Greg Sheldon, a Norwich resident, met with Town of Norwich Supervisor David C. Law and City of Norwich Mayor Joseph Maiurano to re-affirm the project’s status.
“I think they’re still aggressive,” said Law. “Someone is going to nibble at this thing. There’s a lot of possibilities on the hill.”
Greco said a hotel, golf course and multi-family structures are still the core of the project, which is essentially back at square one. Greco admits it could take several years to gain the necessary investment, regulatory approvals and indications of NYRI’s fate before the project can move forward.
“It’s not unusual that these things take a few years anyway,” he said, adding that the current project investors are willing to wait. “I was very impressed with the town. It has all the right pieces.”
Greco said the current Buffalo-based investors still believe in the project, but are not “comfortable” as land developers and are actively searching for a project designer.
Steven Stark, the original developer, is no longer associated with the project.
“It (Alteren) hasn’t really changed much from what Steve (Stark) had,” said Commerce Chenango President Maureen Carpenter. “They’re just actually trying to promote and sell it.”
Carpenter said she had not been in contact with the new Alteren heads.
Alteren’s Norwich office is located at 2 Penny Lane off of route 32 near the new Smith Ford LLC warehouse. The company’s headquarters have moved from Clarence to Buffalo. For more information visit www.alteren.net.
e-mail: mmcguire@evesun.com
Over the past several weeks Alteren has updated its website and ran a half-page advertisement in the New York Real Estate Journal touting the nearly four-year old proposal. Dennis Greco of Greco Commercial Real Estate in Buffalo said Tuesday the group is currently looking to sell 725 acres in the Town of Norwich at a cost that is still being determined. Recent investment pitches for the land have included selling 1,000 acres at $12.8 million.
“We need to see who are market is and get feed-back,” said Greco, who’s been “working” with Alteren for several months. “The interest is there, we just need to shake the tree and see what’s out there.”
Alteren was first introduced in 2003 by developer Steven Stark as a $62 million resort – a sprawling 2,000 acre resort complete with a 155-room hotel, lavish housing structures, villas, spas, shopping centers, and an 18-hole golf course – that would overlook the City of Norwich from the eastern hillside above county Rte. 32. Since then plans and prices have been scaled-back and delayed, until the project finally went stale in 2006 after NYRI announced it would run high voltage lines across the proposed resort’s view-scape.
“We have that power line thing hanging over our head,” said Greco. “That’s the biggest thing.”
In February, Alteren’s Managing Partner Bill Bobo, with associates Joe LoVullo and Greg Sheldon, a Norwich resident, met with Town of Norwich Supervisor David C. Law and City of Norwich Mayor Joseph Maiurano to re-affirm the project’s status.
“I think they’re still aggressive,” said Law. “Someone is going to nibble at this thing. There’s a lot of possibilities on the hill.”
Greco said a hotel, golf course and multi-family structures are still the core of the project, which is essentially back at square one. Greco admits it could take several years to gain the necessary investment, regulatory approvals and indications of NYRI’s fate before the project can move forward.
“It’s not unusual that these things take a few years anyway,” he said, adding that the current project investors are willing to wait. “I was very impressed with the town. It has all the right pieces.”
Greco said the current Buffalo-based investors still believe in the project, but are not “comfortable” as land developers and are actively searching for a project designer.
Steven Stark, the original developer, is no longer associated with the project.
“It (Alteren) hasn’t really changed much from what Steve (Stark) had,” said Commerce Chenango President Maureen Carpenter. “They’re just actually trying to promote and sell it.”
Carpenter said she had not been in contact with the new Alteren heads.
Alteren’s Norwich office is located at 2 Penny Lane off of route 32 near the new Smith Ford LLC warehouse. The company’s headquarters have moved from Clarence to Buffalo. For more information visit www.alteren.net.
e-mail: mmcguire@evesun.com
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