Two New York developers are partnering to build projects throughout the U.S., with the first one in West Palm Beach.
Hyperion Group is joining forces with Winter Properties to develop residential and mixed-use projects, including in New York. Hyperion will be the developer and Winter Properties will back the projects. Most will range from $100 million to $300 million, said Rob Vecsler, principal and CEO of Hyperion Group, which has offices in New York and Miami.
Vecsler relaunched his company earlier this year after leaving Silverstein Properties, where he was president of residential development and head of acquisitions for more than six years, he said.
Hyperion and Winter Properties closed on their first site on May 15, Vecsler said. The property, at 350 South Australian Avenue in downtown West Palm Beach, is zoned for up to 25 stories and more than 300 units, and is within the city’s downtown master plan. Vecsler declined to say how much the land sold for, but said the mixed-use multifamily project will cost $100 million to develop.
At Larry Silverstein’s company, Vecsler oversaw more than $4 billion of development and acquisitions, according to a release. Between 2002 and 2013, Hyperion developed more than 1 million square feet, including over 1,000 residential units in South Florida. Marinablue in downtown Miami was among them.
The new partnership plans to work on two to three projects a year at any given time, and is looking at submarkets of major cities and secondary cities “where we see good opportunity for growth,” Vecsler said.
“We’ve looked at deals in Washington, D.C., Las Vegas, Seattle,” he added.