Garvies Point Sale Finalized, Construction to Begin in Coming Weeks

The City of Glen Cove finalized the sale of Garvies Point on Tuesday, marking the start of a $1 billion redevelopment.

Mayor Reggie Spinello said the City made history by closing in on the sale of the 56-acres of waterfront property to real estate developer RXR Realty. The $125 million bond sale was completed earlier this month.

The project is the culmination of a 20-year, $120 million effort to make the City more livable and sustainable, RXR says.

“Today is an historic day for Glen Cove as this sale recognizes our City’s shift from its industrial past to a future poised for economic, recreational and cultural growth,” Spinello said in a press release.

The project looks to transform nearly 60 acres of Glen Cove’s waterfront into:

• 1,110 residential apartments and condominiums
• 75,000 square-feet of shops and restaurants
• Approximately 28 acres of public open space and amenities
• Waterfront parks and esplanades
• Restored wetlands
• On-site parking

The first phase of the Garvies Point project is expected to begin in the coming weeks, the City says. The construction phase will take five to six years, the City says.

The first phase will include the 28 acres of public open space, waterfront parks and esplanades, restored wetlands, an educational ecology pier and other amenities. This phase is expected to be completed about 24 months after construction begins.

“The closing on the purchase of this site is a tremendous milestone on the path to reclaiming Glen Cove’s waterfront,” RXR chairman and chief executive officer Scott Rechler said in a press release. “This is an opportunity to build a brighter future for generations of Glen Cove residents to come.”

RXR says Garvies Point is expected to:

• Generate hundreds of millions of dollars in economic activity, including approximately $622 million in new revenues to the City, School District, Library District and Nassau County.
• Bring an annual economic benefit of $50 million to the City.
• Earn $24 million annually in local spending by new residents.
• Create more than 460 direct and indirect jobs per year during the construction period and more than 540 permanent jobs.

The 460 jobs are expected to create $36 million in earnings annually and the permanent jobs and tenants are expected to create about $22 million earnings each year, the City says. New residents are also anticipated to spend approximately $24 million each year in the City.

“With respect to jobs, it is vitally important that local residents and businesses benefit,” Spinello said.

The developer is required to award no less than 20 percent of all construction-related and post-construction permanent jobs, and construction-related contracts, to qualified City residents and vendors, the City says.

The sale of the property will allow the IDA/CDA to pay off approximately $7 million remaining on various loans that were obtained to remediate the formerly contaminated industrial site, the City says.

Many residents are publicly against the construction of Garvies Point. Members of the community created groups, such as “Save the Glen Cove Waterfront” on Facebook to combat the construction plans. In 2015, the Village of Sea Cliff hit the City of Glen Cove with two lawsuits to prevent the $850 million waterfront project.

The City has been preparing for waterfront construction over the past few months. Captain’s Cove and the Garvies Point esplanade area became closed to the public in September to get ready for the construction and upcoming sale of the Garvies Point property.

Image via Mayor Reggie Spinello on Facebook: Spinello is pictured with RXR CEO Scott Rechler. They raised the Garvies Point flag at the site. The closing represented the final action before RXR breaks ground.