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Error details: Error: INTERNAL_ERROR for 67593265-2806-54a3-ea17-c2d523d830d2: {"response":{"errors":[{"message":"INTERNAL_ERROR for 67593265-2806-54a3-ea17-c2d523d830d2","locations":[{"line":93,"column":7}],"path":["articlePackages"],"extensions":{"classification":"INTERNAL_ERROR"}}],"data":{"articleData":{"uri":"/2001/11/20/several-suburban-projects-move-forward-2/","canonicalUrl":"https://www.globest.com/2001/11/20/several-suburban-projects-move-forward-2/","generatedId":"fmj45ejljhf","naturalId":"blogAndPostId/blog/post/296-168642","recombeeId":"296-168642","type":"ARTICLE","postFormat":null,"kickerPresentedBy":{"label":"","value":""},"breadcrumb":[],"presentedBy":"","title":"Several Suburban Projects Move Forward","readtime":"4","timeToRead":"4 minute","prettyModified":"","prettyDateTime":"November 20, 2001 at 01:01 AM","needToKnow":[],"byline":"John Jordan","nofollow":false,"showDisclaimer":true,"authors":[{"name":"John Jordan","description":"John Jordan is a veteran journalist with 36 years of print and digital media experience.","imageLarge":"https://images.globest.com/contrib/content/uploads/sites/296/2019/02/John-Jordan_avatar_1550777299-136x136.jpg","webUrl":"/author/profile/-/"}],"publication":"Globe Street","kicker":"","kickerNode":[],"prettyDate":"November 20, 2001","pubDate":"2001-11-20 01:01:00:000","modifiedDate":"","isDownload":"false","primaryCategory":{"channelName":"","sectionName":"","name":"","uri":"","slug":"","channelUri":""},"tags":[],"image":{"uri":"","width":"","height":"","alt":""},"embed1":"","embed2":"","summary":"NEW ROCHELLE-A developer has decided that, in spite of weak economic conditions, the time is right to invest in a number of major real estate ventures in the New York Metro area.","categories":[],"allCategories":[{"sectionName":"Development","channelName":"Globest Topics"},{"sectionName":"","channelName":"Globest Sectors"},{"sectionName":"","channelName":"Globest Topics"},{"sectionName":"Office","channelName":"Globest Sectors"}],"bodyArray":["\"We believe in the fundamental strength of the New York Metropolitan area. Despite the tragic events of Sept. 11, this region remains the nation's premier commercial real estate market. This market always has and always will rebound from adversity,\" says Joseph Simone, president of Simone Development Company. \"We are actively working on a range of projects that we have acquired and we are pursuing new opportunities.\" Simone Development is moving ahead with a retail center in New Rochelle, a refurbished corporate office park in Harrison, a former corporate headquarters building in Greenwich, CT., and a major biotech facility in the Bronx and has expansion on its agenda despite the current volatile economy. \"We're positioning our company for what we believe will be a robust recovery in commercial real estate in the New York Metropolitan area,\" Simone notes. \"Consequently, we're aggressively looking for product, whether it's office, industrial or retail. Now is a great time to buy.\" Simone Development has launched a capital improvement project valued in excess of $1 million at the Harrison Executive Park, a 155,000-sf office park that the company acquired last May. The three-building office park is getting a major facelift inside and out, company officials say. Exterior improvements include refurbished courtyards, new landscaping and repaving of parking lots. Inside the property, the lobbies, bathrooms and cafeterias are being redone with new stonework and wood paneling. The company, which has invested a total of $25 million in the acquisition and renovation of the Harrison Executive Park, has proposed an additional 40,000-sf building at the park. The complex is currently 95% leased. Also in Westchester County, the company recently completed a 45,000-sf retail building built on a three-acre site just off I-95 in New Rochelle. The building was completed six months ago and is now fully occupied by Linens N Things. That venture was built on spec, company officials note. At another office property the firm owns, Simone Development is finishing a more than $2 million renovation of the former U.S. Tobacco Co. corporate headquarters building at 1 Sound Shore Drive in Greenwich, CT. The 60,000-sf building, which was acquired by Simone Development a year ago, has been converted to multi-tenant use. The lobby has been completely refurbished and a cafeteria has been added. Since acquiring the building earlier this year, approximately 55% of the building has been leased, primarily to financial services companies, Simone Development officials note. \"The Greenwich office market is one of the strongest in the nation and home to many well-known financial services and investment management companies,\" Simone relates. \"One of the reasons why Greenwich is so popular is that many of the CEOs who run these companies live here as well. We've invested more than $23 million in this building and it has been a tremendous success for us. We're looking for similar opportunities in the Fairfield County market.\" In addition, the company is pressing forward with the planned redevelopment of the former Bronx Development Center into an office, medical and science complex. The 18.5-acre center, which the company acquired from the New York State earlier this year, is located in the Pelham Bay section of the Bronx. The site presently includes a 330,000-sf building with the potential to build up to one million sf of space. \"We are currently in lease negotiations with several major companies and expect soon to announce a major redevelopment plan for the property that will include an initial phase of 450,000 sf of space with the expansion capability of up to 1.15 million sf,\" Simone reports. \"Because of this property's close proximity to major medical institutions, we are seriously considering the development of state-of-the-art biotech lab and office space. The New York Metro area has the potential for becoming one of the nation's top biotechnology centers. New York City is home to some of the world's finest academic research and medical centers and 60% of the nation's pharmaceutical industry is located in our region.\""],"slides":[],"video":null},"articlePackages":null,"youmightlike":[{"uri":"/2025/07/10/multifamily-construction-spikes-to-highest-level-in-nearly-40-years/","title":"Multifamily Construction Spikes to Highest Level in Nearly 40 Years","byline":"Philippa Maister","prettyDate":"July 10, 2025","readtime":"2","image":{"uri":"https://k2-prod-alm.s3.us-east-1.amazonaws.com/brightspot/92/34/99cf07a442aaa93aaf2419ffe298/fit-outs-resize-jpeg.jpeg","width":"620","height":"372"},"summary":"Southern states are driving the boom with the most units completed in 2024."},{"uri":"/2025/07/09/nycs-push-for-office-conversions-faces-uncertain-future/","title":"NYC’s Push for Office Conversions Faces Uncertain Future","byline":"Erik Sherman","prettyDate":"July 09, 2025","readtime":"4","image":{"uri":"https://k2-prod-alm.s3.us-east-1.amazonaws.com/brightspot/cd/90/010f6b8f450ab449fd782ed8d4e5/new-york-resize-jpeg.jpeg","width":"620","height":"372"},"summary":"A rent freeze would make conversions financially unfeasible."},{"uri":"/2025/06/25/office-conversions-gain-momentum-amid-persistent-vacancies/","title":"Office Conversions Gain Momentum Amid Persistent Vacancies","byline":"Kristen Smithberg","prettyDate":"June 25, 2025","readtime":"3","image":{"uri":"https://images.globest.com/contrib/content/uploads/sites/414/2020/04/construction-9.jpg","width":"616","height":"372"},"summary":"Office occupancy is unlikely to increase in the near future."},{"uri":"/2025/06/13/bfr-demand-accelerates-as-renters-seek-affordability-flexibility/","title":"BFR Demand Accelerates as Renters Seek Affordability, Flexibility","byline":"Kristen Smithberg","prettyDate":"June 13, 2025","readtime":"2","image":{"uri":"https://k2-prod-alm.s3.us-east-1.amazonaws.com/brightspot/d9/e6/d7251f8f45249477dcddbd816d9d/home-construction-resize-jpeg.jpeg","width":"620","height":"372"},"summary":"Millennials represent a key demographic driving the BFR market."},{"uri":"/2025/06/10/multifamily-construction-surges-in-low-density-regions-as-big-cities-see-declines/","title":"Multifamily Construction Surges in Low-Density Regions as Big Cities See Declines","byline":"Philippa Maister","prettyDate":"June 10, 2025","readtime":"2","image":{"uri":"https://k2-prod-alm.s3.us-east-1.amazonaws.com/brightspot/3d/5c/1c800446410d8503a9f31756897c/construction-costs-resize-jpeg.jpeg","width":"620","height":"372"},"summary":"Single-family construction growth slowed across all markets in the first quarter."},{"uri":"/2025/06/09/housing-needs-shift-in-key-markets-creating-opportunities-for-future-focused-multifamily-developers-and-investors/","title":"Housing Needs Shift in Key Markets, Creating Opportunities for Future-Focused Multifamily Developers and Investors","byline":"Lynn Giles (Sponsored by Quantum Fiber)","prettyDate":"June 09, 2025","readtime":"4","image":{"uri":"https://k2-prod-alm.s3.us-east-1.amazonaws.com/brightspot/5c/4e/b7de4e534422a74ef7cfbd639bef/brandon-luke-eric-spies-616x372.png","width":"616","height":"372"},"summary":"Despite differing housing trends, both Phoenix and Seattle-Tacoma investors should know how partnering with the right fiber internet provider can help them capitalize on current opportunities while also planning for the future."}],"readnext":{"contents":[{"uri":"/2025/07/10/florida-ends-tax-on-commercial-rent-bringing-relief-to-tenants/","title":"Florida Ends Tax on Commercial Rent, Bringing Relief to Tenants","byline":"Anthony Russo","summary":"The removal of the tax will increase the state's competitive advantage and lure more folks to Florida. 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