News: Long Island

Racanelli Construction completes Hyatt Place

Racanelli Construction Company, Inc., a leading construction management, general contractor and design/build resource, recently completed the construction of a Hyatt Place Hotel located at 5 North Ave. for OTO Development, LLC of Spartanburg, S.C. Racanelli was awarded the 122-room project on a competitive bid basis. The company served as general contractor on the 76,603 s/f project. The property represents one of the first Hyatt Place Hotels in the Long Island region. According to the project executive Rich Racanelli and project manager Steve Peregallo, the Hyatt Place features a building shell of masonry block with precast plank and some structural steel and light gauge metal framing. There is a curtain wall system for the front of the building. The finishes incorporated into the building include tile and carpet with granite tops on most of the millwork. Visitors staying at the new Hyatt Place Hotel will find a modern contemporary design executed in dark furniture with satin nickel finish. Each unit has its own 42-inch LCD television. The bathroom showers feature 2 x 2-tile from floors to wall with frameless sliding glass doors. The property is equipped with a pool and exercise room. With roots dating back five decades ago, Racanelli Construction Company is a family business with a long legacy of commercial/industrial real estate building and development. The company serves its diverse clientele as a construction manager, general contractor or complete design/build resource. Its services are applied in the construction of corporate/industrial, healthcare, retail, hospitality/restaurant, educational, residential, religious, storage and pre-engineered buildings. Racanelli's highly qualified team of professionals, along with its application of sound business processes and state-of-the-art technologies, combine to facilitate high quality, on-time and on-budget projects. The company's long history and impeccable reputation as a high quality builder/developer has earned Racanelli a broad bonding capacity as well as AAA Insurance coverage. Racanelli maintains excellent working relationships with local municipalities, business and civic association, and elected officials. These relationships accrue considerable benefits to the company's clients when seeking financing/bonding, zoning approvals and support form the local community. Racanelli Construction Company executives are active members of the local community, serving on nonprofit organizations' boards and participating in various philanthropic activities. For more information, visit: www.racanelliconstruction.com About OTO Development, LLC OTO Development, LLC is the latest hospitality company launched by H. Wayne Huizenga and George D. Johnson Jr. The company was established to build premier select-service and extended-stay hotels in certain high-barrier-to-entry U.S. markets. OTO develops the strongest brands offered by Hilton Hotels Corporation, Marriott International, Starwood Hotels and Hyatt Hotels Corporation
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The evolving relationship of environmental  consultants and the lending community - by Chuck Merritt

The evolving relationship of environmental consultants and the lending community - by Chuck Merritt

When Environmental Site Assessments (ESA) were first part of commercial real estate risk management, it was the lenders driving this requirement. When a borrower wanted a loan on a property, banks would utilize a list of “Approved Consultants” to order the report on both refinances and purchases.