The Press Room
Proposed redevelopment of Springfield Court Square office building draws strong tenant interest
SPRINGFIELD - A group led by Peter A. Picknelly, proposing a multi-million dollar redevelopment of a long-vacant office building at Court Square, said there has been strong interest from potential tenants.
OPAL Real Estate Group, which is the preferred developer of the six-story building at 31 Elm St., is in “active negotiations for about 90 percent occupancy of the building,” said Demetrios N. Panteleakis, project manager for OPAL. Read the complete story here.
OPAL Real Estate, developer at Clarke Schools, seeks 'projects with purpose'
NORTHAMPTON - As a company, the OPAL Real Estate Group of Springfield is a mere three years old, but it is run by people with 150 years of experience in commercial and investment real estate.
While the group has yet to develop, own and manage a residential investment property in the area, the leaders of the Clarke Schools for Hearing and Speech are banking on that experience and on the credentials of OPAL's top managers as the company prepares to buy much of the school's campus off Round Hill Road and redevelop it into high-end, luxury apartments. Read the complete story here.
Clarke Schools sells the bulk of campus to Springfield's Opal Real Estate Group
Clarke Schools to sell most of campus in Northampton for luxury apartments
NORTHAMPTON - The Clarke Schools for Hearing and Speech is selling the bulk of its Round Hill campus to a Springfield development group that intends to convert the property into an 80-unit luxury apartment complex.
Clarke trustees announced Tuesday that the school will sell 11.2 acres on both sides of picturesque Round Hill Road to OPAL Real Estate Group. The property includes 11 buildings, all of which will be converted into one-, two- and three-bedroom apartments over the next year. No new construction will take place. Read the complete story here.
OPAL Real Estate Group, owned by Peter Picknelly, to buy
11.2 acres of Clarke Schools campus
NORTHAMPTON - Clarke Schools for Hearing and Speech announced Tuesday that it will sell 11.2 acres of its Round Hill campus to OPAL Real Estate Group of Springfield. The deal, which is not expected to be finalized until next year, includes 11 buildings, the bulk of Clarke's campus. The parties said they are not ready to discuss a sale price in public. Peter Picknelly, the owner and co-founder of OPAL, said he is thrilled to be associated with Clarke and to have a major presence in Northampton, which he called "a great city." Read the complete story here.
The Court Is Now In Session - Historic Building Has a New Lease on Life
For the partners at Opal Real Estate Group, the historic block in Springfield known as Court Square is more than just another real-estate redevelopment opportunity. Before the passage of years, they say the building and its surroundings were one of the most vibrant developments in the city. The Springfield Redevelopment Authority, which owns the site, is hopeful that the players, funding, and vision are in place to return Court Square to that status once again. Read the complete story here.
Historic House Complete In Springfield's McKnight Neighborhood
With the help of a $100,000 forgivable, interest free loan from the federally funded Community Development Block Grant program Demetrios N. Panteleakis has completely renovated a historic house at 52 Westminster St. in the McKnight neighborhood.
“The city was debating whether to tear down or save this house for 20 years,” Panteleakis said. He said the restoration will be complete by Monday and he expects to close with a buyer of the house by the end of October. Read the complete story here.
Historic Springfield House Gets Makeover
If you look at the "before" pictures, you'd find it hard to believe it's the same house in Springfield's McKnight Neighborhood. The 4,500 square foot, 1830's Victorian house on Westminster Street had been empty and blighted for twenty five years.
Springfield Real Estate developer Demetrios Panteleakis managed the home’s complete renovation, including 1,800 square feet of new floors. Read the complete story here.
Springfield Redevelopment Authority names new developer for vacant Elm Street building at Court Square
A development group led by local businessman Peter A. Picknelly is in line to develop a long-vacant office building on Elm Street at Court Square into a multi-million dollar project with a mix of retail, office and residential uses.
The Springfield Redevelopment Authority, which owns the six-story office building at 13-31 Elm St., built in 1892, and four connected properties, voted unanimously on Wednesday to designate OPAL Real Estate Group, of Springfield, as the preferred developer of the properties. Read the complete story here.
Pending sale of Westfield State University's former training school on Washington Street announced
Westfield State Foundation, the financial arm of the college, has announced a pending purchase and sales agreement with University Housing LLC, under the management of Opal Real Estate Group. Opal was founded by Peter A. Picknelly, president of Peter Pan Bus Lines and Opal managing partner Demetrios N. Panteleakis. Read the complete story here.