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Spectrum Skanska now Spectrum Communities.

Mitchell C. Hochberg, founder of Spectrum, announced that he has completed the acquisition of the company from parent company, Skanska AB.

The new company, which is called Spectrum Communities, will continue to focus on the development of luxury residential communities in the region. Hochberg will serve as president and chief executive officer of Spectrum Communities.

The announcement is a homecoming of sorts for Hochberg who founded Spectrum Group in 1985. In 1996, Spectrum Group was acquired by Skanska AB and became Spectrum Skanska. As the homebuilding and development division of Skanska AB, Spectrum Skanska emerged as the Northeast's preeminent luxury homebuilder. Last year, Skanska AB announced a strategic restructuring of its core businesses that included the sale of its residential development business in the U.S.

"We are very pleased to announce that our new name will be Spectrum Communities. Although our name has changed, we remain committed to our ongoing goal of developing the highest quality luxury residential neighborhoods in the Northeast," said Hochberg. "After more than 20 years in the homebuilding industry, we have come full circle and returned to our roots as a regional luxury homebuilder. Our business, is stronger than ever and our day-to-day business operations will not be altered in any way. Our active communities are selling very well. By the end of this year we plan to grand open five new communities in Westchester, Rockland, Suffolk and Dutchess Counties in New York."

Under the leadership of Hochberg, Spectrum Communities has set a new standard of excellence with its award-winning neighborhoods that offer exceptional home designs and extraordinary lifestyle amenities.

Spectrum's communities are renowned for their wealth of lifestyle amenities that enhance homeowner's lifestyles, including Meeting Houses, Country Stores, Indoor and Outdoor Swimming Pools with Waterfalls and Splash Fountains, Championship Tennis Courts, Signature Golf Courses, and Private Marinas. Each of Spectrum's lifestyle communities is complimented by finely crafted distinctively designed homes.

Spectrum's recently completed residential neighborhoods in New York include BelleFair in Rye Brook; Valimar in White Plains - both new traditional hometown communities with Village Greens, Community Meeting Houses, and swimming pools; the waterfront "Gold Coast" Legend Yacht & Beach Club in Glen Cove, and The Legends at Purchase in Purchase both luxurious enclaves of highly personalized estate homes.
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Publication:Real Estate Weekly
Geographic Code:4EUSW
Date:May 14, 2003
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