THE FEDERATED COMPANIES RECEIVES SITE PLAN APPROVAL FOR BEACHSIDE PROJECT
Miami, FL – February 27, 2012 – (RealEstateRama) — The Federated Companies, a leading national real estate investment and development firm, is pleased to announce that it has received site plan approval from the Town of Salisbury for its 210-unit Class A multifamily community in Salisbury, Massachusetts. The site, located at 191 Beach Road, is within walking distance to the beach, and has 900 feet of frontage along Route 1A. The development will have views of Plum Island, downtown Newburyport, and a protected Audubon wildlife reserve to the south.
The Federated Companies acquired the 13.2 acre development site in March 2011 which included developmental rights to construct the multifamily community along with a community building, fitness center, and swimming pool.
“This is a unique opportunity to build a large multifamily project in an authentic New England beachfront community,” stated Nick Wexler, Chief Operating Officer for The Federated Companies. “We believe that the site is well-suited for multifamily development and that the area amenities complement the project.”
The site is located a few miles from the Newburyport MBTA commuter rail station, which provides rail service to downtown Boston. The site is also strategically located within 10 minutes from the entrance of Interstates 495 and 95. Salisbury is renowned for its beaches, boating, fishing, and summer entertainment.
About The Federated Companies
The Federated Companies is a national real estate investment group with offices in Boston, MA and Miami, FL. The company is a vertically integrated organization that is a leader in the acquisition, development, construction, and management of multifamily apartment communities and net lease retail assets. Founded in 1999, the company has successfully navigated several market cycles, demonstrating program flexibility, and disciplined investing. In addition to its traditional investment objectives, The Federated Companies strives to maintain a competitive edge in the marketplace while balancing environmental, economic, and social objectives. The firm is a member of the United States Green Building Council and a Federal Energy Star Partner.
Contact:
Suzanne Tamargo
Vice President of Marketing
The Federated Companies
(786) 353-0537
