The Glen Cove Planning Board has approved the first phase of the long-awaited waterfront development, bringing the project significantly closer to breaking ground.
The board on Tuesday night unanimously accepted the site plan and the subdivision plan with conditions, such as requiring the developer to obtain all necessary approvals, licenses and permits.
The 56-acre, multiuse development, known as Garvies Point, would be built on the north side of Glen Cove Creek and supplement the city’s ferry project, on which ground was broken in 2010.
“I think that the developer and city are trying very hard to move this project along, and we’ve been very successful,” said Mayor Reginald Spinello Wednesday. “We’ve made more progress during this past year than in years past.”
Spinello said he hopes to have a closing on part of the waterfront site by year’s end; and both he and the developer said they expect to have shovels in the ground next spring.
“It’s been a long, hard journey,” said Thomas Graham, vice president and project executive of the developer, RXR Glen Isles Partners LLC of Glen Cove, after Tuesday’s meeting.
The project, which has been pursued for more than 20 years, will cost $600 million to $1 billion, Graham said.
The first phase of the project includes construction of 387 multifamily units; 3,055 square feet of retail space; a 2.2-acre park; an esplanade to the ferry terminal; 811 parking spaces; a marina support building; and relocating the Anglers Club.
The development is expected to be completed in three phases and have 860 residential units, half rentals and half condominiums; a 250-suite hotel; 50,000 square feet of commercial space; 25,000 square feet of retail space; 10 percent workforce housing; and 19 acres of public amenities and open space, including two parks and two marinas.
Spinello said Wednesday that some remediation work is occurring at the site, since the vacant land was once used for heavy industrial operations.
Graham said that since housing options are limited for young adults and empty-nesters on Long Island, “This community will provide them an opportunity and place to find an affordable place to live.”
Published: November 24, 2014
Filed Under: Community Relations
The RXR platform manages 72 commercial real estate properties and investments with an aggregate gross asset value of approximately $17.7 billion, comprising approximately 23.1 million square feet of commercial operating properties and approximately 6,300 multi-family and for sale units in various stages of development in the New York Metropolitan area. Gross asset value compiled by RXR Realty in accordance with company fair value measurement policy and is comprised of capital invested by RXR and its partners, as well as leverage.