THE FEDERATED COMPANIES PURCHASES 13.2 ACRE LAND SITE IN THE TOWN OF SALISBURY
Miami Beach, FL – March 11, 2011 – (RealEstateRama) — The Federated Companies has recently acquired the land asset located on 191 Beach Road, Salisbury, Massachusetts. The land is a 13.2 acre development site in the Town of Salisbury. The property is located within walking distance to the beach, approximately 500 yards to the east. It has 900 feet of frontage along Route 1A at the entrance of Salisbury Beach and the seacoast. To the south, the land site has views of Plum Island, downtown Newburyport and a protected Audubon wildlife reserve. The site is well-located with convenient access to both the I-495 and I-95 entrances and is within 44 miles north of Boston, MA.
The Federated Companies’ acquisition includes developmental rights to build a 210 unit Class A multi-family community with 422 parking spaces on the land. The Federated Companies is evaluating the merits of the current use as multi-family and will also review alternate use plans to determine the highest and best use for the land. Construction on this site is projected to occur by year-end. “The location of the land site is ideal. It provides a unique setting for a striking beach community that is optimally located for easy access to the two cities of Boston and Manchester,” stated Dung Lam, Chief Executive Officer and Chief Financial Officer of the Federated Companies.
About The Federated Companies
The Federated Companies is a vertically integrated national real estate investment and development firm with offices in Boston, Massachusetts and Miami, Florida. Founded in 1999, the company has excelled as both a merchant developer and owner/operator of its assets. The Company has an exceedingly successful track record in both residential and commercial real estate. The firm’s management team has effectively developed and managed over 7,500 units of residential housing with an aggregate value of over $1.5 billion. The Federated Companies has also successfully developed retail property for many of the nation’s largest restaurants, retailers and financial institutions. The company is a member of the United States Green Building Council and a federal Energy Star Partner. For more information on the Federated Companies, please visit our website at www.federatedcompanies.com
Contact:
Elizabeth Cross
Vice President of Marketing
The Federated Companies
(954) 802-8063
e_cross (at) federatedcompanies (dot) com
