Developers Louis Greco Jr. and Mario Procida have teamed up to form SDS Procida. Why does that matter? The new group is developing Richard Meier’s On Prospect Park, the 114-unit condo at 1 Grand Army Plaza. (A good start.)
Plus, the press release mentions “intelligent design” in the requisite paragraph on respecting local residential and business communities. Meier, after all, is God.
The full release is after the jump.
– Max Abelson
(Update: “On Prospect Park” is not “One Prospect Park.” Thanks, comment board!)
August 14, 2006 New York, New York
Louis V. Greco Jr. and Mario J. Procida officially announce the establishment of SDS Procida a real estate development and management company initially focusing on development projects in the New York metropolitan area, while offering real estate management consulting services and financial partnership opportunities. The new venture is developing the Distinctive Properties brand of luxury residential projects designed by world renowned architects, as well as the highly successful be@ Properties brand of projects with attainable design and an emphasis on shared common spaces that enhance and support the social lifestyle of young urban professionals. SDS Procida also offers partnership opportunities and management expertise to the real estate development community.
SDS Procida is focused on creating added value by combining intelligent development solutions with sophisticated architectural design and cost efficient construction, supported by engaging marketing and branding techniques. SDS Procida has assembled exceptionally talented development personnel and merged them into an existing corporate infrastructure to manage projects which in aggregate total in excess of $750 million.
The SDS Procida principals, Louis V. Greco Jr. and Mario J. Procida combined have more than 70 years experience and a shared history of collaboration on various projects in real estate development, construction, management consulting and financial deal structuring. Through vision, creativity and experience, SDS Procida will broaden the reach of its founding principals’ entrepreneurial and pioneering spirits with their commitment to excellence in urban renewal.
Upon announcement of the joint venture, Mario Procida said, “As we move forward with exciting new projects, SDS Procida is poised to become one of the premier developers of distinctive residential developments in the New York metropolitan area. By offering strategic partnerships to the development and financial communities we expect to broaden the reach and impact of our organization and realize the natural evolution of our shared vision for real estate development.”
Louis V. Greco Jr. continued, “I am honored to join Mario Procida to form SDS Procida. Our shared passion for real estate development, along with our complimentary skills has already resulted in a number of successful ventures. By entering into a formalized business relationship Mario and I will build on that success, and position SDS Procida as a formidable development and management firm representing the best endeavors in its field.”
The SDS Procida ‘intelligent design’ approach provides urban design solutions based on the in-depth knowledge of issues faced by local residential and business communities. SDS Procida plans to further enhance its position as a catalyst for urban renewal through continued future involvement, support and sponsorship of local business initiatives, community programs and cultural institutions.
The “jewel in the crown” of SDS Procida’s Distinctive Properties line is destined to be Brooklyn’s most sought-after luxury residence. Richard Meier has designed On Prospect Park; located at 1 Grand Army Plaza, the 15 story, 114 unit residential condominium is the first Brooklyn project by this iconic modern architect. Overlooking the Soldiers’ and Sailors’ Memorial Arch, modeled after the Arc de Triomphe in Paris, On Prospect Park affords its occupants breathtaking views of a classic Brooklyn neighborhood through the lens of Richard Meier’s modern architecture. In the midst of Brooklyn’s vibrant cultural district, On Prospect Park is just steps away from the Brooklyn Public Library, the Brooklyn Museum of Art, the Brooklyn Botanic Garden and the entrance to Prospect Park, a 585 acre urban oasis designed by noted landscape architects Frederick Law Olmsted & Calvert Vaux. The building topped off on August 2, 2006 and construction is slated for completion in Fall 2008.
Another luxury project in the Distinctive Properties line currently under development is 405 W. 53rd Street, located in New York City’s Midtown West. SDS Procida commissioned Henry Smith-Miller, an internationally acclaimed architect and a principal at the New York-based firm of Smith-Miller + Hawkinson Architects to design 405 W. 53rd Street. The project includes seven floors and 82 units comprised of “maisonettes”, duplex and triplex townhouse residences with on-site, self-parking. Construction is scheduled to commence in Spring 2007, with completion slated for Fall of 2008.
Greco and Procida are responsible for the highly successful be@ Properties (beatproperties.com) line of residential condominium properties, thoughtfully designed, high quality residences tailored to young urban professionals and their social lifestyle. Completed be@ Properties include BoulevardEast, a 99-unit condominium located at 53 Boerum Place in Brooklyn, and be@ClintonWest, a 147-unit condominium at 516 West 47th Street in Manhattan, which sold out in eight days in the summer of 2005.
Current SDS Procida development projects include two new be@ Properties:
90 William Street (beatWilliam.com), a 16-story commercial conversion in the highly sought after residential neighborhood of lower Manhattan, and 189 Schermerhorn (beatSchemerhorn.com) a combination of high- and low-rise new construction, with a 25-story tower and a 7-story loft building arranged in a mews-like setting with a private courtyard in Brooklyn. Both projects are under construction as of Summer of 2006.