Gary Hans, Matrix Development acquisitions VP, says that thefirm has not filed a formal application as of yet but intends tobuild an industrial building of up to 650,000 sf on the propertythat is located near the new headquarters of the Orange CountyChoppers. Hans says the firm expects to file an application withthe municipality by the end of the first quarter of this year. BobVitanza of Kahn Realtors of Newburgh brokered the deal.

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The New Windsor-Newburgh area in particular is expected to reapthe benefits of the Port Authority of New York and New Jersey'srecent takeover of Stewart International Airport. The PortAuthority purchased the lease for the operation of the airport fromNational Express last year and has since stated it plans to invest$500 million in the next 10 years to upgrade the airport.

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"We are very excited about the acquisition because it greatlydiversifies our portfolio in a market that has tremendous growthpotential," Hans says. "The Port Authority's investment will have avery significant impact on the airport and the business climate ofOrange County overall. We expect Matrix Business Park at Newburghto be a highly sought after location."

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He adds that the property is situated in the Newburgh-StewartEmpire Zone and is located near two major interstate highways--I-87and I-84-- thus making industrial an ideal use for the property.Hans terms the project as a "speculative" venture since Matrix atpresent does not have a tenant in hand. The land purchase and theplanned development of the site mark Matrix's entrance into the NewYork market. Since its founding in 1979, the firm has developed inexcess of $1 billion in commercial, industrial, urban, residential,golf course and hospitality projects in the Northeast andmid-Atlantic.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.