March 31, 2006
Greenwich, CT – March 31, 2006 – Exterior design plans for the $150M renovation of the Putnam Green and Weavers Hill were unveiled today by Antares Investment Partners. The properties will be re-named; Putnam Green will be known as Greenwich Place and Weavers Hill will be known as Greenwich Oaks. The two residential Greenwich properties were purchased by Antares this February in a $223 million deal, the largest in Connecticut history, for conversion into luxury condominiums.
The proposed renovations will completely transform the properties’ dated “70s Contemporary-look’ into a more organic, New England-style with up-dated colors and design that will better integrate them into the look and feel of the surrounding community. The most visible alteration to the properties will be the addition of new exteriors, roofs and windows, with Greenwich Place getting clapboard and Greenwich Oaks getting shingles.
The plans also include new landscaping, health club, event rooms, exterior lighting as well as entryways, streetscapes and signage. The pools and pool houses will be improved and expanded.
Front doors will be replaced with new entry systems and will be painted in an alternating scheme of Benjamin Moore colors. The windows at Greenwich Place will be replaced with Pella casement windows and Greenwich Oaks will feature double hung Pella windows. New lighting will be added around the property as well as the exteriors of buildings.
The properties will have all white trim, gutters and roof shingles. Patio doors will be replaced with Pella French doors and railings will be replaced with Architectural Railing Systems in white. The interiors will also undergo a full renovation including new kitchens, GE appliances, bathrooms, flooring, doors, Baldwin brushed nickel hardware, Waterworks fixtures and accessories, and Walker Zenger stone.
“Once completed, these properties will offer all of the amenities and elegance of newly constructed Greenwich condominiums,” said Antares Managing Partner Joe Beninati. "We are committed to making available all that Greenwich has to offer -- great schools, museums, shopping, prestige, access to New York City and low taxes – at the lowest price point for any new construction in the Town of Greenwich.
Construction on Model Homes is underway. Demolition is already complete and the wood handrails have been installed as well as the new kitchen and powder room floors. The exterior renovation will occur on a phased-schedule and will take place over the next 18 – 24 months. Residents will be able to observe the progress daily.
Implementation of the new landscaping and amenities package will commence next month. They will include enhanced main entrances from the street to the complexes affording a greater sense of privacy.
A new Gatehouse for Greenwich Oaks is planned to be constructed. A dramatic entrance-boulevard will be added to Greenwich Place. The pools, pool houses, tennis courts and event rooms will be fully renovated in a style that is compatible with the new overall plan.
Antares has selected the Greenwich-based firm of R.S. Granoff Architects; a full-service architecture, planning and interior design firm, for the project. This award winning local firm works on a wide variety of elite residential and commercial projects throughout the New York metropolitan area.
“I am proud that R.S. Granoff Architects will be working with Antares Investment Partners, a company with a tradition of building and managing exceptional properties,” said Richard S. Granoff, President of R.S. Granoff Architects P.C. “Using quality construction materials in the renovation process, these elegant improvements will contribute to the buyer’s sense of ‘homeownership’ and position them along side premiere Greenwich properties.
Built in phases between 1967 and 1969, the 20-acre Putnam Green complex has a variety of unit mixes including studios and one-, two- and three-bedroom townhouses. The complex is a neighbor to Western Middle School. Built in 1971, Weaver’s Hill consists of two- and three-bedroom townhouses located on approximately 30 wooded-acres in a peaceful lush “conservation zone” that affords privacy and tranquility. The combined, average home size is 1,500 square feet, with the smallest being approximately 750 feet and the largest being nearly 3,000 square feet. The Greenwich address affords owners easy access to Greenwich schools, the town’s own beaches and golf course, and prime shopping and cultural offerings. Both properties are convenient to the Hutchinson River Parkway, the Merritt Parkway and Interstate 95. Driving distance from downtown Greenwich shopping is five minutes with rail service to Manhattan’s Grand Central Station completed in less than one hour on Metro-North.
R.S. Granoff Architects is a Greenwich-based, full-service architecture, planning and interior design firm whose philosophy is a balanced respect for the past and excitement about the future which has resulted in work of great variety, vitality and enduring quality. Dedicated to providing client service and achieving excellence in architecture, the firm works on a wide variety of residential and commercial projects throughout the New York metropolitan area including residential, commercial, multi-family and landscape architecture.
Headquartered in Greenwich, Connecticut, Antares is a leader in a full range of real estate assets, projects and services. The firm manages a multi-asset and multi-project real estate portfolio valued at approximately $4.5 billion and was founded by Joseph Beninati and James P. Cabrera in 1996. Using a vertically integrated business model, Antares develops, designs, entitles, builds, owns, sells and manages a broad range of ultra-luxury assets. Antares’ capital partners are many of the world’s leading financial firms, private equity funds, university and state endowments, and entrepreneurial investors.
Antares’ projects and assets are primarily located in Fairfield and Westchester Counties. In Greenwich, Antares’ Estate Division develops museum-quality residences on large, back-country properties. Its commercial and hospitality divisions own prominent assets such as Pickwick Plaza, considered the country’s finest suburban office complex, and The Delamar Greenwich Harbor Hotel, a luxury waterfront hotel. In Westchester, Antares residential assets include CiderMill, an exclusive, gated community, and Armonk Square, essentially the “new town center” which will include luxury condominiums and retail shops, as well as serve the community of Armonk. In Stamford, Antares is leading a major revitalization of Stamford's South End with a waterfront land assemblage totaling 82 acres. This master-planned, city on the water is being designed and will be one of the largest and most exciting mixed-use developments in the United States.
Contact:
Annie Lazar/Julia Winkler
The Marino Organization
212 889 0808
annie@themarino.org
jjuliaw@themarino.org