Developer Focuses on Transformative Projects That Are Built to Last
Real estate development can be like a puzzle: putting together pieces that develop into a bigger, more impressive picture.
That aspect of real estate is what drew in Reggie Kronstadt while he was still in college in New York City. He started working for a firm assembling land for developments in the city. After college, he went on to work for a few real estate private equity firms before deciding the time was right to launch his own.
Kronstadt formed Krown Point Capital in the summer of 2020. The company focuses on what it describes as roll-up-your-sleeves projects that require extensive construction, design, leasing, property management and asset-management capabilities. That can include heavier-lift assets that require complex land deals, redevelopment or ground-up development.
“We look for transformative projects and unique land assemblages that allow us to take a site from inception and design through construction, lease-up and stabilization,” Kronstadt says.
Though young, the company already has several projects in its pipeline. In fall 2021, Krown Point, in partnership with Connecticut Realty Trust (CRT), broke ground on a 75-home development in Granby. “It’s an exciting project that should be fully completed by late spring 2023,” Kronstadt says. The Krown Point and CRT partnership are now in pre-development on a 70-plus-unit townhome development in Bloomfield and a 110-unit single-family development in Middlesex County.
As it takes on more projects, Krown Point has been rounding out its team. The company recently added a full-time project manager, Perry Gold, to oversee construction activities. He brings extensive experience, having previously worked at Walsh Construction on the $4 billion redevelopment of LaGuardia Airport in New York.
Looking ahead, the company is tracking the influx of people moving to the suburbs in search of high-quality rental housing. “With limited options to meet their needs, we have made a large push to find sites where we can efficiently program and develop Class A rental communities with the right amenity offering,” Kronstadt says.
Space is another important factor for today’s multifamily tenants, who are more likely to be working from home. “With that in mind, we’ve focused our efforts on developing rental housing with larger unit configurations,” Kronstadt says. “These communities will typically range between 50 and 100 homes and can offer everything from attached townhome style units to larger-scale, single-family detached homes.”
The rising cost of construction and the continuing disruption to supply chains have made construction a financial challenge. But for Kronstadt, the work is about more than making sure the numbers line up on a spreadsheet.
“We want to be known as a company that takes pride in the quality of our developments, the thoughtfulness of our design and the staying power of the communities we develop,” he says.
