Nov. 19, 2009
Subway Restaurants' parent company is now in the rest-stop business. Doctor's Associates Inc. has formed a joint venture as part of a 35-year public-private partnership with the State of Connecticut to redevelop, operate and maintain Connecticut's 23 highway service areas across the state.
Doctor's Associates formed the joint venture Project Service LLC with Subway's development company Subcon Inc. and global private equity firm The Carlyle Group. Project Service and its tenants expect to invest approximately $178 million in improvements and upgrades to the service areas and create approximately 340 jobs.
The public-private partnership will generate major improvements for Connecticut's highway service areas on Interstates 95 and 395 and Route 15. The current facilities were built in the 1940s and 1950s, and with the exception of a few renovations, have had no significant capital improvements in the past 25 years.
The redevelopment will include major rebuilds and renovations for the existing service areas and increase service offerings to travelers. The first major redevelopment is expected to be completed in 2011. The restaurant and service offerings will include for the first time Subway, Dunkin' Donuts and a variety of other local restaurants and shops, supplementing existing brands such as McDonald's.