Full Steam Ahead for $1B Long Island Project
- Nov 24, 2016
New York—RXR Realty has closed on the purchase of a 56-acre site in Glen Cove, N.Y., which will ultimately house the company’s Garvies Point development—a $1 billion project meant to revitalize the Glen Cove waterfront and turn it into a vibrant mixed-use community. The final milestone before project groundbreaking was celebrated by officials Nov. 23, with construction work scheduled to commence in the coming weeks.
“This is an opportunity to build a brighter future for generations of Glen Cove residents to come,” RXR Chairman & CEO Scott Rechler said in prepared remarks.
“After two decades of remediation and the outstanding support of Federal, State and County agencies, the vision of a vibrant Garvies Point waterfront development is now a reality,” added Glen Cove Mayor Reggie Spinello. “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.”
The Garvies Point development will take shape along the shores of Hempstead Harbor in Glen Cove, and is expected to include 1,110 LEED-certified residential units; 75,000 square feet of retail and restaurant space; roughly 28 acres of public open spaces; 2,381 on-site parking spaces; and three separate marinas with a total of 120 slips. Phase I of the project will include 28 acres of waterfront parks and esplanades, restored wetlands and an educational ecology pier, among others, and will be completed over the course of 24 months.
The project is expected to generate hundreds of millions of dollars in economic activity, including: roughly $622 million in new revenues to the city, School District, Library District and Nassau County; $50 million in annual economic benefit to the city; and $24 million annually in local spending by new residents. Garvies Point is also expected to create more than 460 direct and indirect construction jobs per year during construction, and more than 540 permanent jobs. According to RXR Realty, the development is the culmination of a 20-year, $120 million effort to turn Glen Cove into a livable and sustainable community.