By David Winzelberg, Long Island Business News
The Glen Cove Industrial Development Agency closed Tuesday on the $15 million sale of the 56-acre site on Glen Cove Creek slated for the $1 billion Garvies Point mixed-use project.
The Glen Cove IDA will also receive an additional $10 million in financing fees for the project from developer RXR Realty, according to Glen Cove Mayor Reggie Spinello, bringing the city’s take for the property to $25 million.
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. A groundbreaking ceremony is scheduled for Dec. 6th at the Glen Cove Ferry Terminal. RXR recently completed its $125 million bond sale for Garvies Point.
“The closing on the purchase of this site is a tremendous milestone on the path to reclaiming Glen Cove’s waterfront,” RXR CEO Scott Rechler said in a written statement. “This is an opportunity to build a brighter future for generations of Glen Cove residents to come. We are grateful to Mayor Spinello and the City of Glen Cove for entrusting us with the stewardship of this incredible waterfront, and look forward to delivering on the promise of Garvies Point in the months ahead.”
Spinello said the beginning of the project comes after two decades of remediation of the tainted site and the support of federal, state and county agencies.
“Glen Cove is fortunate to have a collaborative relationship with RXR Realty, a premier developer, who shares a common interest in enhancing our city’s economic future by bringing new jobs, housing and recreational offerings to our community,” Spinello said in the statement.
The RXR platform manages 71 commercial real estate properties and investments with an aggregate gross asset value of approximately $20.5 billion, comprising approximately 31.4 million square feet of commercial properties, inclusive of approximately 6.0 million square feet of buildings securing debt and preferred equity investments, a multi-family residential portfolio of approximately 2,500 units under operation or development, and control of development rights for an additional approximately 3,700 multi-family and for sale units in the New York Metropolitan area as of June 30, 2019. 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.