By Joshua Burd
Commercial real estate firm Blue Onyx Cos. has named a new senior vice president of development and acquisitions, tapping a veteran industry executive for the post.
Based in Paterson, the company said James Driscoll joins its team as part of a push to expand its Northeast portfolio and shift its focus to larger-scale multifamily and mixed-use developments in key urban markets. He comes to Blue Onyx with more than two decades of industry experience and, in his new role, will oversee the full lifecycle of its development projects from acquisition to completion.
Those projects include both ground-up development and value-add repositioning, according to a news release. Specifically, Driscoll will be tasked with implementing development best practices across the firm’s portfolio and identifying new development opportunities to support its ongoing growth.
“What drew me to Blue Onyx is the firm’s balance between an innovative, entrepreneurial spirit and strong institutional guardrails to deliver best-in-class offerings that service a diverse roster of residents — not just Class A luxury renters,” Driscoll said. “Working in development, we have a responsibility to create enduring value for each community that we serve, and at Blue Onyx the team’s focus on creating assets that provide sorely needed housing while spurring economic growth speaks to how seriously they take this responsibility. I look forward to supporting this mission-driven activity as we continue to expand our value-add portfolio and make a positive impact in underserved, high-growth regions.”
Driscoll most recently served as the senior vice president of development for Waypoint Residential, where he led all rental residential development from Washington D.C. to Boston, the news release said. Previously, he held the same title at LCOR, a position in which he led all residential development in the New York City metro area, including the recently completed, mixed-use Valley and Bloom property in Montclair and The Continuum in White Plains, New York.
Earlier in his career, Driscoll was a division president at K. Hovnanian Homes, where he managed an average of $500 million in assets under development each year while overseeing homebuilding operations for the firm’s Hudson Valley Division, which includes Northern New Jersey and New York, Blue Onyx said. In that role, he also spearheaded the development of for-sale communities ranging from luxury residential, first-time and move-up townhomes to active adult and mid- and high-rise communities.
“James’ deep-seated expertise — particularly surrounding the predevelopment process for construction and redevelopment in the tristate area — makes him a valuable new addition to the executive team, especially as we continue partnering and deepening our ties with municipal and community stakeholders,” said Levi Kelman, founder and CEO of Blue Onyx. “His experience maximizing returns through the use of innovative land acquisition strategies will also be instrumental as we continue on our strategic growth trajectory, and we are eager to tap into this unique skill set to identify key acquisition and development opportunities throughout New Jersey and the Northeast at large.”
Driscoll is the latest key addition to a firm that, since its inception in 2009, has successfully delivered more than 1 million square feet of real estate valued at over $100 million. Its current development pipeline is valued at more than $500 million.
