Hamilton Ave Property
CategoriesBuildings with New Opportunities (banks, theaters, dry cleaners)

UConn’s HREI Program Invests in V20 Group’s Hamilton Ave Property

HREI: Building the Future of Real Estate Leadership

Launched in August 2024 with generous support through the UConn Foundation, the Hillside Real Estate Investors program is a groundbreaking initiative that empowers UConn undergraduate students to source, evaluate, and recommend real estate investments.

Students participating in the program gain invaluable, hands-on experience in real estate investment, working alongside industry leaders and mentors to make strategic decisions. With a focus on value-add and opportunistic investments, HREI prepares students to succeed in real-world scenarios while creating long-term benefits for the program’s fund.  HREI recently announced it’s first-ever limited partnership (L.P.) investment with V20 Group’s industrial property in Stamford, CT.

120 Hamilton Avenue: Strategic Investment for Future Growth

The 7-acre industrial-zoned property at 120 Hamilton Avenue, previously home to WWE’s film studio, represents a unique opportunity to address Fairfield County’s shortage of high-bay industrial space. V20 Group’s vision for this site includes the development of a high-bay warehouse, equipped with modern features designed for single or multi-tenant use.

CategoriesBuildings with New Opportunities (banks, theaters, dry cleaners)

V20 Group 2024 Year in Review

As we wrap up 2024, we wanted to announce some of the highlights from this year.

V20 Group 2024 Year in Review

New Acquisitions

699 Canal Street

V20 Group successfully expanded its portfolio with two key acquisitions this year. One of the major highlights was the acquisition of 699 Canal Street, a vacant 84,000 SF retail property spanning 4 acres and almost 400 parking spaces in Stamford, CT, formerly occupied by Fairway Market before its bankruptcy in 2020. 

Purchased from the lender who had reclaimed the property, our plan is to revitalize the space with significant capital investment. Located in the desirable Harbor Point neighborhood, surrounded by thousands of residential units, the property is an ideal location for new tenants, and we’ve been in active discussions with several potential businesses eager to make it their new home.

120 Hamilton Ave

In early December, V20 Group acquired 120 Hamilton Ave, 7 acres of industrial-zoned land in Stamford, CT, previously home to a data center for WWE. This acquisition, part of WWE’s corporate real estate divestiture, presents a unique opportunity to repurpose the site. Our plan is to demolish the existing structure and develop a state-of-the-art industrial warehouse, maximizing the property’s potential for its highest and best use.

Disposition Activity

The V20 Group has successfully completed the sale of 550 West Avenue in Stamford, CT. The Property, a 55,000 SF shallow bay industrial building, is 100% leased at the time of sale to four tenants, reflecting the successful leasing and stabilization of the asset.

The V20 group acquired the property in 2022, when it was vacant, and undertook a comprehensive renovation to reposition and modernize the space. The renovation, which was completed in 2023, enhanced the building’s appeal to potential tenants, allowing the V20 Group to fully lease the Property in a competitive Stamford market.

 

The sale of 550 West Avenue marks another successful milestone in the V20 Group’s portfolio of real estate investments. This strategy fits with V20’s last two acquisitions in the last few months with purchases at 120 Hamilton Avenue and 699 Canal Street. With a focus on value creation and strategic redevelopment, The V20 Group continues to strengthen its position in the Stamford real estate market.

V20 Group 2024 Year in Review

Development Update

Development Update

Heights Crossing

 

Our Heights Crossing project is coming along smoothly and you can really see the project coming together. We are fully out of the ground and working on interior fit outs of the apartment units and retail tenants. The project should be complete and ready for occupancy at the start of Summer 2025!  

Looking Ahead to 2025

As we enter 2025, V20 Group remains committed to our strategic mission of acquiring out of favor assets, including blighted, lender-owned, and corporate-divested properties. By targeting these opportunities, we unlock significant value and achieve higher returns. 

 

Our focus is on repurposing these properties, investing capital to revitalize and reposition them for their highest and best use. This approach not only improves the assets but also positively impacts the communities in which they are located, turning underperforming properties into thriving, productive spaces.

CategoriesBuildings with New Opportunities (banks, theaters, dry cleaners)

V20 Group Acquires Retail Property In Stamford, CT

Darien, CT – July 30, 2024 – V20 Group is excited to announce their recent acquisition of a retail property located at 699 Canal Street in Stamford, Connecticut. This acquisition marks a significant milestone for V20 Group’s portfolio as it continues to expand its Fairfield County commercial real estate footprint.  

V20’s President and Partner, Joe Vaccaro, said, “The City of Stamford’s continued growth and the demand for retail on the South End were driving forces for our investment in this property.” 

Formerly occupied as the Fairway Market, the property at 699 Canal Street spans 84,000 square feet and includes a spacious parking lot with 385 spaces. Situated in the rapidly growing South End of Stamford, the area boasts high demand for retail due to its significant residential developments.

V20 Group intends to keep the property as retail-oriented.  It is likely to remain a grocery-anchored location, perfect for specialty grocers, and has the potential for additional retailers like a liquor store or fitness center. V20 Group is currently exploring the leasing market to invite new tenants and is committed to working closely with prospective businesses.  

About V20 Group

V20 Group is known for its strategic investments, developing commercial real estate properties and unlocking value while bringing the properties to their highest and best uses. V20 Group’s portfolio includes industrial properties, mixed-use properties, and offices and continues to expand into the retail sector. 

For more information about this acquisition or to inquire about leasing opportunities, please contact: joev@v20group.com

CategoriesBuildings with New Opportunities (banks, theaters, dry cleaners) Heights Crossing

New Tenant Coming to Heights Crossing: Grounds Donut House

V20 Group is thrilled to have Grounds Donut House as a tenant at Heights Crossing. Grounds Donut House joins an exciting roster of tenants, including more restaurant and retail options, as well as a Goddard School and Daycare

Grounds Donut House brings an edgy, punk rock-inspired store ambiance combined with an unparalleled donut experience that sets the stage for an adventure in flavor. You can indulge in their eclectic selection, featuring innovative creations like ice cream-injected donuts, Arnold Palmer Iced Tea, Fruity Pebbles, Boston Creme, and Chips Ahoy, among others. Beyond their boundary-pushing donuts, guests can savor their premium range of flavored coffees, bagels, and other beverages.

You can try them out at their two other locations in Danbury, CT, and the Bronx, NYC. If you are a Long Island native, you can try out their sister concept No Fo Do Co (North Fork Doughnut Co.) where they have 3 locations in Mattituck, Bay Shore, and Massapequa Park.

Learn More About the Heights Crossing Development

Heights Crossing is a sprawling 28,765-square-foot luxury multi-use retail and commercial development in the Noroton Heights area of Darien, CT. When completed in 2025, in addition to its retail and commercial tenants, Heights Crossing will feature 65 residential apartments equipped with upscale appliances, and premium finishes such as quartz countertops. 

Heights Crossing will be a commuter’s paradise with easy access to major highways and the Metro North Train Station. Tenants can enjoy close proximity to Darien’s sandy beaches, downtown eateries, shopping, and so much more. Learn more about Heights Crossing and all it has to offer on our website.

CategoriesBuildings with New Opportunities (banks, theaters, dry cleaners)

Being a Good Neighbor During Construction

One of the most challenging aspects for a development company when a construction project begins is to be a good neighbor in the area where we are working because sooner or later we’re actually going to be neighbors.

Most construction projects can create some sort of friction between the developers, their crews, and the people who live or work in the adjacent businesses, apartment buildings and homes. In some cases, there are nearby schools, hospitals, or public safety sources that can be affected too.

Minimizing the friction that occurs during a project makes every aspect of construction a little smoother.

Keep the Community Informed

In our case, we ensure our neighbors are made aware that we are trying to keep a job site clear of unnecessary trash and debris, reduce the noise and dust that is always a sore point, and keep local street closures and traffic disruptions to a minimum. This way, residents are more understanding when these issues may occur.

When a complaint is called into the town or an issue is raised with a construction supervisor at a job site, we often meet with neighbors, listen to their complaint and work to stop or mitigate it before it becomes a contentious issue.

Since we’ve been doing a significant amount of work in the Darien, CT, area, we’ve worked with the town to ensure that our job sites create as little dust and noise as possible. When demolition and earthwork were going to be performed, we had noise and dust suppression measures in place to produce as little dust and noise as possible.

We’ve also limited our work to normal business hours so any disruptions occur only during the day and not at night when neighbors are home from work, trying to enjoy family time and a meal, or are trying to sleep.

These may seem like logical and sensible directives for anyone, but we know of numerous construction projects that have been shut down by towns for causing excessive dust and noise, or for working late into the night to make up for the many unforeseen delays that can put a project behind schedule.

There are other ways that we are trying to be good neighbors that may not be as noticeable.

Neighborhood Continuity & Architectural Design

We make it a point to design our buildings to “fit in” with the areas where they are being built. We’re not going to construct an ultra-modern building in an area that is filled with century-old colonial structures. Instead, our design team goes out, surveys the surrounding neighborhoods and develops plans that take into account the construction peculiarities of everything nearby.

This attention to detail is evident in the mixed-use buildings we’ve already finished in Darien, which includes the renovation of the historic Darien Playhouse in the center of town. Instead of demolishing the familiar red-brick building that has faced the Post Road for more than a decade, we integrated new retail space into the ground floor while creating four second-floor apartments that incorporate the same broad millwork and elegant trim pieces that were a part of the original building built in the 1920s.

One detail that is certainly noticeable is the red-brick pavers that were used to match the existing sidewalks and common areas of the adjacent businesses. We also used the red brick to create an expanded patio area for the apartment tenants at the rear of the new building, and a town-mandated crosswalk where Grove Street empties in the parking lot behind Darien Place was also finished with red brick.

The only other current project underway in Darien is at 1897 Post Road in Noroton where we’re creating another mixed-use building that will once again incorporate retail clients and residential apartments.

We look forward to the completion of this project in early 2022 and becoming a good neighbor with the residents of the Noroton community.

CategoriesBuildings with New Opportunities (banks, theaters, dry cleaners)

Repurposing Vacant Stores in the Post-COVID World?

When a retail business closes now, what becomes of the empty storefront?

It is a question that many Connecticut communities — and that includes such affluent towns as Darien, Westport, and Greenwich — are confronting as the post-COVID retail world begins to take shape. The effects of the pandemic are already altering the landscape of traditional downtown retail areas.

In Darien alone, three retailers with a history of consistent occupancy have already closed their doors since the outbreak of COVID-19. Clothing retailers Brooks Brothers and Tina Dragone, and the boutique shops, Kirby and Company and its sister store Kirby Girl, have been shuttered.

What replaces those stores is a question that developers, investors and local governments are trying to figure out.

At V20 Group, our team is working with local business leaders and town planning departments to find ways to purchase and develop vacant or out-of-favor properties to create new commercial retail opportunities and residential living spaces.

V20 has already completed or is beginning work on a handful of multi-use projects in Fairfield County. Two projects have already been completed in prominent locations along Boston Post Road in Darien. A third project, located at 364 Boston Post Road, has been renovated for retail tenants only.

Two V20 projects are just getting started. The old Darien Playhouse, newly re-named as Darien Place, was acquired in December of 2019. The plan is to transform the building into 360 degrees of retail space on the ground floor and four luxury apartments above the retail space. Another recent acquisition is located in Noroton, across the street from St. Luke’s Episcopal Church and School in southwest Darien. This will be renovated into ground floor retail space and five luxury apartments.

The acquisition of properties such as Darien Place and the property at 364 Boston Post Road fits into the redevelopment vision of V20 founder Jon Vaccaro. Vaccaro and his team want to take properties that have fallen out of favor and turn them into something new and vibrant again.

“Our strategy is to re-design and reconfigure obsolete properties. We want to turn those properties into something that’s exciting and new and creates value where little previous value existed,” Vaccaro says.

Vaccaro said he expects there will be many out-of-favor properties throughout Fairfield County, especially if the COVID-19 health pandemic continues to drag on, stressing businesses. Although Connecticut has been one of the few states to be successful in containing the spread of the virus, statistics show that many business owners were crippled by the initial shutdown from mid-March to early June.

Nationwide, data collected by Yelp and Alignable, shows that nearly 66,000 businesses in the U.S. have closed since March 1. In the last two weeks of June, the same data indicates that businesses were closing for good at a higher rate than in the previous three months.

Some of the hardest-hit business sectors besides restaurants, salons, and gyms have been banks and theaters. Vaccaro said buildings vacated by bank branches and movie theaters are often in locations that are good sites for redevelopment projects. This is one type of property that V20 is trying to acquire.

Movie theater operators have been running a struggling business model for some time, Vaccaro said, but the health crisis has hastened the industry’s demise. The evolution of online streaming, services such as Disney, Netflix and Hulu, have become more important to consumers who have been forced to shelter at home for months and avoid social settings.

Bank branches have also suffered a similar fate due to technological advances, and the recent pandemic has exponentially increased bank branch obsolescence. Technological online portals and mobile applications both have served to disenfranchise the use of the traditional brick & mortar banking institutions. Then, as COVID-19 forced banking branches to close, customer increase in use of online banking services only grew. Since re-opening many of the larger banks (Chase, Well Fargo and Bank of America among others) have discovered that many customers are not returning to branches to conduct their banking, instead choosing to utilize mobile app services.

According to the V20 Group team, technology gains assists with making certain segments of the commercial real estate market obsolete – a trend expected to continue – leading to more vacant buildings that once housed commercial businesses.

“It’s a type of property that’s going to become more readily available as time goes on,” Vaccaro says. “Things have changed rapidly in the last six months. People are adapting to the conditions by changing habits and their uses of technology. Businesses and communities are evolving to meet this changing landscape.”