Developer Profile: Seth Weinstein
Developer Thrives on Challenge
By M.A. Black
Some see potential where others see blight. Seth Weinstein, principal of Hannah Real Estate Investors, is one who sees what others miss. His track record speaks for itself.
Weinstein, a leading independent real estate developer with more than 25 years’ experience building commercial and residential projects, formed Hannah Real Estate Investors, LLC, and serves as Hannah’s principal. Weinstein has developed a strong regional and national reputation for consistently delivering high quality and profitable projects on challenging sites. He has specialized in complex brownfield, historic, and waterfront properties and worked closely with community groups to add substantial value to specific sites and jump-start neighborhood revitalization. Hannah Real Estate Investors offices are in Stamford, Connecticut and New York City.
Throughout his career, Weinstein has demonstrated his skill at successfully transforming abandoned or troubled properties into valuable assets that ultimately make a dramatic contribution to surrounding neighborhoods. In fact, he was the first private developer in the country to qualify for a Federal Brownfield’s program loan and since then has consistently taken on the challenges of former industrial sites.
Now Citibank’s Community Development Group, a unit of Citigroup, will provide a $25 million construction loan to build Mill River House in Stamford. Integrated into the 92-unit luxury condominium complex, located at 35 West Broad Street at the corner of Hanrahan Street and steps from Mill River Park, are 11 affordable condominiums, the first for-sale affordable units in downtown Stamford. Mill River House is also the first significant private development to be built under Stamford’s recently instituted Mill River Corridor Plan and Design District that encourages new development along Mill River.
Construction on this project, located on a brownfield site that was home to an abandoned, blighted automobile dealership, began this spring and owners will move in by next autumn. Mill River House is a joint venture between Seth G. Weinstein, through his Stamford and Manhattan-based development company, Hannah Real Estate Investors, and Paxton and Ray Kinol of Stamford.
“Our vision in developing Mill River House was to make ownership very attractive to people who would otherwise be renting, and we believe we have accomplished that, meeting a tremendous need in our community,” said Weinstein.
The development includes a prominent brick tower at the corner of West Broad and Hanrahan Street, overlooking the park. Townhouse-style brick staircases, landscaped planting beds, and trees dominate Mill River House’s streetscape. The development contains 61 two-bedroom and 31 three-bedroom condominiums in a 4 1/2 story residential building built above one-story of parking. Proposed amenities will include an exercise room, a resident lounge, and a private landscaped courtyard. In addition, a bicycle path will be created to connect the future Mill River Park with Scalzi Park along Hanrahan Street. The development is located a few blocks from the center of downtown Stamford and its world class shopping, entertainment, and restaurants. It is a short walk from the Metro North and Amtrak Railroad station.
Rhonda Leone, Citibank Community Development Marketplace director for Connecticut, says “We are pleased to strengthen this commitment by providing $25 million in financing for Mill River House and are proud to be part of this project which will create more affordable homeownership opportunities for families here in Stamford. Citibank is very happy to be working with Mr. Weinstein and the other members of the development team to make Mill River House a reality.”
Hannah Real Estate Investors currently have two projects in progress, both of which are substantially pre-sold. These include Mill River House, and at the other end of the Connecticut coastline, Stonington Commons on Stonington Harbor in partnership with Charles Mallory and his former Clearview partners. This project, providing public access along the waterfront at this site for the first time more than 200 years, is transforming an abandoned, waterfront, brownfield historic factory site into a landmark mixed-use community of condominiums, single-family homes and commercial space, including the Stonington Harbor Yacht Club.
In looking to the future, Weinstein says, “No rewards come in this business without taking on challenges and solving problems. One of the great benefits of the development business is being in the position to make transformational contributions to communities and create rewarding opportunities for others.”
Weinstein entered the real estate business in 1979 and quickly earned a reputation as one of the country’s truly creative and entrepreneurial developers. In 1981 he helped establish Lexington Development Group and served as its president to 1992. Under his stewardship, the firm prospered through innovative office, retail, and residential development projects in locales as diverse as the Sugarbush Valley of Vermont; Manhattan’s east side; the central business district of Atlanta, Georgia; and suburban Westchester and Fairfield Counties.
In 1995, Weinstein co-founded Clearview Investment Management with Charles Mallory where he focused on the Connecticut marketplace and redeveloped several high-profile Stamford office buildings including Seaview House and Atlantic House. He also helped to realize several major transformations along the Connecticut coastline. On the west bank of Stamford harbor, Weinstein coordinated with Avalon Bay Communities to build 323 luxury apartments, extensive waterfront amenities, and a new marina. City residents enjoy public boardwalks and a fishing pier that connects to and extends Southfield Park. On Greenwich Harbor, Clearview redeveloped the old Greenwich Harbor Inn, shaping it into the luxurious Delamar Hotel and L’Escale Restaurant. In 2003 the hotel was named one of the 80 best small hotels in the world by Condé Nast Traveler. In April 2004, he sold his interests in Clearview to a Greenwich, Connecticut- based investment group.
About Citibank Community Development
Citibank is a member of Citigroup (NYSE: C), a global financial services company that has more than 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup’s trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. The Citigroup Foundation focuses its grants primarily in three areas: financial education, educating the next generation, and building communities and entrepreneurs. Additional information may be found at www.citigroup.com.
