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http://www.PropertyPolitics.com
P.O. Box 426,
Essex, CT 06426
- 0426
Tel: (860) 767-8999
Real estate development and advisory firm specializing in complex real estate development, brokerage and consulting. Dealing in the "politics" of transactions, best positioning clients for success.
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When California-based Hackman Capital Partners, LL ...
June 11, 2006
When California-based Hackman Capital Partners, LLC, set out with an eye on development possibilities for 250 acres near the Mohegan Sun resort and casino in Montville, it sought out Wayne D'Amico to help with those efforts. Hackman Capital hired D'Amico, president and principal of Essex-based Property Politics, in March 2004 to help refine and carry out a development strategy for the property. A California-based firm that specializes in acquiring and repositioning real estate investments nationwide, Hackman Capital had just acquired title to the bulk of the properties and was interested in developing the site located just south of the Mohegan Indian Tribe Reservation, home of the Mohegan Sun Casino, one of the nation's largest gaming and entertainment facilities."D'Amico performed above and beyond the expectations of the project," said Michael Hackman, Principal of Hackman Capitol Partners. "We took great comfort knowing he was there in Connecticut helping to ensure the processes moved along as needed." "This was no simple project," D'Amico recalls. "There were multiple properties involved, requiring negotiations with multiple owners, as well as varying-length options in place. Additionally, there was planning and studies that needed to be done, along with municipal permitting." In short, D'Amico represented Hackman Capital's Connecticut interests, tackling everything from the logistics of assembling the multiple properties - including options, renegotiations and contracts - to navigating the municipal permitting process and conducting a market analysis of the property. Along the way, D'Amico also managed a team of experts to work on the plans and also handled public relations for the development proposals. "This meant juggling a lot of details and a lot of varying possibilities," D'Amico said. "It required a lot of diligence, follow-through and legwork." D'Amico's efforts included development planning, site acquisition, market and financial feasibility and public-sector negotiations. In other words, he worked to figure out just how Hackman Capital could best maximize the site's potential. By the summer of 2005, Hackman Capital had acquired title to most of the necessary 11 properties and ultimately negotiated a sale of its interested to Mohegan Hill Development, LLC a group headed by Tarragon Corp., a publicly traded Real Estate Investment Trust. Consummated in October 2005, the project sold for $33.5 million. The future for the property remains unclear although representatives of Tarragon have suggested a significant mixed use development with luxury hotel and gold course are in the planning stages.
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