From left: Claremont Cos. Principal Stephen Sciaretta, Arc Building Partners CEO and President Frank Ciminelli II and Claremont Cos. Principal Don Sciaretta. — Courtesy: Claremont/Arc Building Partners
By Joshua Burd
Claremont Cos., a Far Hills-based developer and general contractor, is handing off its construction business to a new partner in order to focus on its own fast-growing pipeline.
The third-generation business has inked an agreement with Arc Building Partners, a Buffalo-based construction management firm, that will allow it to focus entirely on its real estate development business, according to a news release. Under the agreement, Arc Building Partners will merge with Claremont’s construction affiliate, Claremont Construction Group, and acquire its backlog of projects.
Claremont’s current projects will continue under the same project managers, and over time, the 25 employees of its construction group will gradually be absorbed into the Arc team, the news release said. As Claremont focuses on its development pipeline, Arc Building Partners will become its go-to construction partner for upcoming projects.
“Our story has been one of ongoing evolution,” said Stephen Sciaretta, a principal at Claremont Cos., noting that the firm started in 1954 as a commercial painting business, before evolving into one of the largest carpentry and drywall operations in the U.S. “Then, nearly 30 years ago, we evolved again into a full-service development and general construction company.
“We’re proud of the history we’ve built and excited for this next evolution ahead of us,” he added. “This strategic relationship broadens our construction capabilities and deepens our bench, and importantly, it has the potential to accelerate the future success of both Claremont Companies and Arc Building Partners.”
For Arc, which launched in September 2017, the agreement provides an opportunity to expand into the New York and New Jersey metropolitan market.
“With our shared values and individual strengths, this is the right match at the right moment in our firm’s early history,” Arc Building Partners President Frank Ciminelli II said. “This strategic partnership will provide us with direct access to several attractive construction markets along the East Coast, opening the door to new growth opportunities.
“It is the ideal next step to expand our solutions-driven, fast-track model of working closely with our clients to bring complex projects from napkin-sketch visions all the way through to final ribbon cuttings. We look forward to getting started and working alongside the Claremont Companies team for years to come.”
Claremont has completed thousands of residential units and millions of square feet of commercial and retail projects as both a principal developer and third-party general contractor, the news release said. The company has experienced major growth over the past three years, which has resulted in a robust project backlog and substantial development pipeline.
For instance, Claremont is a partner in the multiphase apartment and retail project known as RIVET, part of a master-planned project by New Jersey City University in Jersey City, working alongside The Hampshire Cos. and Circle Squared Alternative Investments. Other projects include 333 Central Ave., a luxury apartment building in Westfield.
Its new relationship with Arc Building Partners will allow Claremont to push forward with major projects at an accelerated pace and further streamline the construction process, the news release said. The pact also is a key factor in Claremont’s ongoing succession planning.
Arc Building Partners’ past assignments include projects for arts and cultural organizations; hospitality, gaming and entertainment and institutional clients such as those in health care and education. Recent examples include the renovations to the premium seating areas at New Era Field in Orchard Park, New York, the home of the Buffalo Bills and The Alder at Resorts World Catskills in New York’s Catskill Mountain region.