HCP retained Wayne D'Amico, CCIM to manage their Connecticut project located in Montville CT from March 2004 - October 2005 as they positioned their Montville CT land development for disposition. D'Amico's role in that project involved mostly implementation of strategy, management of vendors and special assignments in addition to being the “man on the ground” in CT. Organizational and analytical skills coupled with understanding of development processes, community relations and people, better positioned HCP to develop strategy and implement plans for the project with a heightened awareness of the various happenings that invariably impact high profile community sensitive developments. According to Michael Hackman, D'Amico “performed above and beyond the expectations of the project”.
THE PROJECT: This 250+ acre land development involved strategic development planning, site acquisition, valuation, feasibility and public sector negotiations. The site is located immediate south of the Mohegan Sun Resort & Casino, a gaming and entertainment complex situated on a 244 acre site within the Mohegan Tribe’s reservation. Mohegan Sun at that time was the second largest casino in the United States in terms of slot revenues, and the third largest in terms of gaming square footage. It currently operates in a three million square foot facility, which includes two casinos, a shopping mall, a 10,000-seat arena (among other things, home to the WNBA’s Connecticut Sun), a 300-seat cabaret, meeting and convention space and an approximately 1,200-room luxury hotel. The Mohegan Sun receives 20,000 to 30,000 visitors per day, or about 7.5 million to 10 million annually.
By the summer of 2005, Hackman Capital had acquired title to most of the necessary 11 properties for approximately $12 million and ultimately negotiated a sale of its interested to Mohegan Hill Development, LLC a group headed by Tarragon Corp., a publicly traded Real Estate Investment Trust. Consummated in October 2005, the project sold for $33.5 million.
Hackman Capital Partners, LLC, (HCP) is an asset based investment firm that acts as a value added provider of capital to owners, investors, and operators of industrial real estate and capital assets. The Company has built a eputation for completing successful transactions by using a client-based approach to understanding parties' liquidity needs and offering creative investments that address these needs.
View Press Release March 1, 2006