By David Winzelberg, libn.com
The developers of the $1 billion Garvies Point mixed-use project in Glen Cove will hold a groundbreaking ceremony next month.
The event is slated for Tuesday, Dec 6 at 10 a.m. at the Glen Cove Ferry Terminal.
The Garvies Point redevelopment will eventually bring 555 rental apartments, 555 for-sale condos, about 75,000 square feet of retail and office space and 28 acres of waterfront esplanades and parks to the site formerly occupied by heavy industry and junkyards.
Construction starts next month on the project’s first phase, which includes six buildings of four, five and six stories on the eastern portion of the property that will contain the rental apartments and about 25,000 square feet of retail.
More than 13 years after the project was first pitched, development partners Uniondale-based RXR Realty and Farmingdale-based Posillico along with City of Glen Cove opened the complex’s welcoming center in May.
It’s been a long haul. The city signed a land development agreement with the project’s original developers in 2003 and initial approvals were granted in 2008, but the start of construction was delayed by the massive clean-up needed to remediate the once-toxic property, changes in the development team and poor market conditions.
Two lawsuits aimed at preventing the start of the project were dismissed in August, paving the way for the groundbreaking.
Manhattan-based Pizzarotti-IBC is the project’s construction manager and Joseph Roussine, a Glen Cove resident and the company’s vice president of construction will oversee building at the 56-acre redevelopment on Glen Cove Creek.
RXR recently completed its $125 million bond sale for Garvies Point. Bids for the bonds exceeded the total available by more than 500 percent, according to an RXR statement.
Earlier this year, the funding mechanism received approvals from the City of Glen Cove, Glen Cove Industrial Development Agency, Glen Cove Community Development Agency, Glen Cove Public Library Board of Trustees, Nassau County Legislature and the Glen Cove City School District Board of Education.
Scott Rechler, RXR CEO, said the success of the bond sale “speaks volumes about the strength of this project” and its investor confidence.
“Restoring the waterfront to productive use for the community will bring a much needed economic boost to the Glen Cove community in the form of jobs, tax revenue to the city, and hundreds of millions in spending by new residents,” Rechler said in the statement.
Published: November 9, 2016
Filed Under: Redevelopment
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.