Our Mission
Paramount Development Group of Boston, MA, creates, develops, and revitalizes landmark properties by partnering with local government and other affordable housing practitioners that share our vision. We focus on the development of affordable housing, workforce housing, and elderly housing, as well as market rate housing.
For the enjoyment of future generations, we rehabilitate historic landmark properties that are underutilized and abandoned. Through adaptive re-use, we revitalize them for the betterment of residents and create and preserve historically significant buildings. Our primary markets are industrialized cities in New England. It is our belief that when we restore historic landmark properties we address the housing challenges that every community faces.
Company History
Our company was started by Richard and John DeRosas. The enterprise evolved out of their prior general contracting company.
They have a combined 30 years of real estate development experience. Since our establishment in 2006, it has acquired significant landmark properties in its primary market areas. Paramount and their partners have acquired or are currently developing more than one million square feet of real property and have been awarded more than $60 million dollars of public and private investment.
In the future we will continue to maintain our award winning standards as we move forward with our current projects; while looking towards new and exciting challenges for the betterment of our communities.
Services
AT Paramount Development Group, LLC, we create and develop landmark and historic properties. It offers comprehensive adaptive reuse strategy services for the betterment of communities. Paramount specializes in revitalization of historic structures. We develop both residential and commercial real estate by partnering with local governments and other affordable housing practitioners.
- Acquire The Needed Local Approvals
- Assemble The Development Team
- Assist in The Environmental Remediation Process
- Conduct Feasibility, Planning, And Pro Formas of Potential Projects
- Conduct Local Community Support Meetings
- Devise The Reuse Concept and Strategy
- Identify Promising Boston, MAs for Potential Redevelopment
- Perform Project Oversight
- Secure The Necessary Grants and Tax Credits
Richard J. DeRosas
Skills Summary
Skilled executive with extensive background in developing complex financing for affordable housing projects, community facilities, and major landmark projects, using City and State HOME Funds, Low Income Housing Tax Credits, State and Federal Historic Tax Credits, Affordable Housing Trust Funds, Community Based Housing funds, HUD 221 d(4) financing and Federal Lead Abatement Grants.
Thorough knowledge of real-estate development, project management and construction budgets. Recently developed a 14.8-million-dollar affordable housing project, the largest construction project in the City of Lawrence’s downtown in the last 30 years.
Expertise in writing pro forma and conducting feasibility analysis to raise capital from lenders, funders, and investors. Exceptional organizational, analytical, and managerial skills. Have worked with national and local nonprofit organizations to create sustainable community development.
Experience
President, Paramount Development Group LLC, Chelmsford, MA 2001- Present
- Procure All Funds from Local, State, Federal, And Private Lenders for Pre-Development and Construction Financing
- Plan and Budget All Developmental Phases
- Locate, Secure, And Analyze All Potential Acquisitions
- Assemble, Monitor and Direct the Development Team
Projects: September 2001 – Current
Blakeley Building in Lawrence, MA
- Developed $14.8 Million Project Consisting of 46 Affordable Units and 4 New Storefronts.
- This Is the Largest Construction Project in The Downtown for The Last 30 Years.
- Designed and Secured Complex Funding Matrix That Included City and State HOME Funds, LIHTC’s, Federal and State Historic Tax Credits, Affordable Housing Trust Funds, CBH Funds, And Federal Lead Abatement Grant.
- The Project Was Completed in December 2008
Sacred Heart 55+ Affordable Housing Project in Lawrence, MA
- Developed $12 Million Mixed-Use Affordable Housing Project
- Secured Complex Funding Matrix That Included City and State HOME Funds, LIHTC’s, Federal and State Historic Tax Credits, And Affordable Housing Trust Funds.
- Project Completed December 2011
Saint Ann’s Performance and Multi-Use Cultural Center in Lawrence, MA
Phase 1 consisted of rehabilitating the school and convent buildings for Lawrence Family Development Charter School. Phase 2 is the conversion of St Ann’s Church and Church Hall into 890 and 366 seat performance centers respectively using State and Federal Historic Credits, Massachusetts Cultural Alliance Grant, fundraising, and utilizing Federal Renewal Community incentives
Charles Hayes Building in Haverhill, MA
- $18 Million Mixed-Use Project Contains 58 Affordable Apartments with Four New Retail Stores Directly Across from The Commuter Rail.
- Secured Complex Funding Matrix That Included City and State Home Funds, LIHTC’s, Federal and State Historic Tax Credits, and Affordable Housing Trust Funds.
- Completed November 2010
Savage Arms Mills in Utica, NY
- $52 Million Mixed-Use Project Will Provide 100 Market Rate Apartments and 100 55+ Affordable Units with Over 100,000 Sq. Ft. of Retail and Commercial Space
- Project is Presently Under Going 12-Million-Dollar Environmental Remediation
Foster Brothers Mills in Utica, NY
- Rehabilitated Vacant and Abandoned 208,000 Sq. Ft. Mill Has Been Placed Back in Service After Extensive Renovations. Six New Tenants Now Occupy Over 40,000 Sq. Ft.
- Completion Renovation Is Anticipated by July 2014
307 Genesee Street in Utica NY:
This landmark building was previously the Boston, MA of The Utica Chapter of The Knights of Columbus until a fire rendered the building a total loss in September 2006. The property is currently being evaluated for redevelopment with multiple prospective tenants showing interest
President, Paramount Construction Inc., Chelmsford, MA 1999-2004
- President and Founder of Company
- General Contracting Company Specializing Historical Renovation
Sample Projects:
Beacon Rock Mansion, Newport, RI
- 20,000 Sq. Ft. Mansion Was Built by Edward Morgan in 1888 and is Newport Rhode Island’s Premier Harbor Estate.
- Completed Three-Year Renovation 1998
1900 Victorian farmhouse in Vineyard Haven, MA
- Transformed from Dilapidated Victorian Townhouse into One of the Most Recognizable Cottages in Vineyard Haven, Completed Rehabilitation of 1999-2000
- Converted Large Victorian Home and Brick Carriage House in Dorchester, MA into Eight Condominiums, Completed 2004
Paramount Painting Inc. March 1994-1999
- President and Founder of Company.
- Commercial Painting Company with A Focus On New Construction and Office Building Renovation
- Painted New Construction Luxury Condominiums for Toll Brothers, Northland Development
- Painted Over 5,000,000 Sq. Ft. Of Office Space for Intel, Alcatel, Museum of Fine Arts, Etc.
- Performed All Estimating and Secured All Contracts.
Freelance Corporate Pilot May 1994-Sept 2001
- Assisted Captain in Pre-Flight Inspections, Fueling, and Flight Planning.
- Co-Piloted Twin Piston and Turbo Prop Aircraft: Cessna 401 Golden Eagle, Mitsubishi MU-2K and Swearingen Merlin IIIB.
- Supervised Cleaning and Light Maintenance of Aircraft.
- Performed Post Flight Duties Including Return of Aircraft to Hangar, Cleaning, and Lock-Up.
Education
Bridgewater State College, Majored Aviation Management and flight training Dec. 1989-May 1993
University of Massachusetts at Lowell, Major Liberal Arts Sept. 1989-Dec. 1989
U.S. Navy Nuclear Power School
- Attended Machinist Mate “A” School Great Lakes, Illinois.
- Attended Nuclear Power School Orlando, Florida.
- Attended Nuclear Prototype Training Idaho Falls, Idaho.
- Finished training on USS South Carolina, Norfolk Va. July 1982-Sept. 1988
- Chelmsford High School, High School Diploma Sept. 1978-June 1982
Biography
Richard was born in Arlington, Massachusetts. He attended Bridgewater State University, where he majored in aviation management and aviation flight training.
Richard joined the United States Navy in 1982 where he was a graduate of the Navy Nuclear Power Program, and he served as a Nuclear Technician.
After the Navy, Richard worked in the construction industry, where he gained practical experience in the intricacies of project development and management.
Following his experiences in the construction industry, Richard started his own successful commercial painting company. Several years later, he began his own construction company. In this capacity, he purchased and renovated properties throughout New England.
One such structure in particular was the award-winning Blakeley Building. This dilapidated turn of the century building was slated for demolition, after 30 years of water penetrating the interior from its roof. Thanks in no small part to Richard, The Blakely is now a tribute to the City of Lawrence and its revitalization efforts.
Having made the inevitable leap to Developer, Richard DeRosas, has been in involved in numerous private and government funded development projects. These projects have totaled nearly $60 million dollars throughout the New England States.
He is highly respected by industry and Government leaders for his considerable contributions in creating affordable housing for young families and seniors on fixed incomes
Richard has been praised for his dedication to the restoration of landmarks for future generations, and for his adherence to environmentally friendly policies.
Mr. DeRosa is currently working with investors on a plan to build over 3,000 units of housing along with over 1 million square feet, of retail and office space over the next decade.
Richard is a licensed pilot and an avid aviation enthusiast. His favorite recreational activities include scuba diving, mountain biking, hiking, and motorcycle touring.
Learn more about our associates or contact us at 617-548-8333 or info@paramountdevelopmentgroup.com.
Biography
Richard was born in Arlington, Massachusetts. He attended Bridgewater State University, where he majored in aviation management and aviation flight training.
Richard joined the United States Navy in 1982 where he was a graduate of the Navy Nuclear Power Program, and he served as a Nuclear Technician.
After the Navy, Richard worked in the construction industry, where he gained practical experience in the intricacies of project development and management.
Following his experiences in the construction industry, Richard started his own successful commercial painting company. Several years later, he began his own construction company. In this capacity, he purchased and renovated properties throughout New England.
One such structure in particular was the award-winning Blakeley Building. This dilapidated turn of the century building was slated for demolition, after 30 years of water penetrating the interior from its roof. Thanks in no small part to Richard, The Blakely is now a tribute to the City of Lawrence and its revitalization efforts.
Having made the inevitable leap to Developer, Richard DeRosas, has been in involved in numerous private and government funded development projects. These projects have totaled nearly $60 million dollars throughout the New England States.
He is highly respected by industry and Government leaders for his considerable contributions in creating affordable housing for young families and seniors on fixed incomes
Richard has been praised for his dedication to the restoration of landmarks for future generations, and for his adherence to environmentally friendly policies.
Mr. DeRosas is currently working with investors on a plan to build over 3,000 units of housing along with over 1 million square feet, of retail and office space over the next decade.
Richard is a licensed pilot and an avid aviation enthusiast. His favorite recreational activities include scuba diving, mountain biking, hiking, and motorcycle touring.
Recommendations
Senator Barry R. Finegold
Email: bfinegold@dfllp.com | Phone: 978-269-6402 | Website: http://www.barryfinegold.com