20 LONGISLANDPRESS.COM • SEPTEMBER 2019
PRESS BUSINESS
RXR’S GARVIES POINT DEVELOPMENT RAISES QUESTIONS
continued from page 19
“I would say that these two projects
are the biggest developments in Glen
Cove since urban renewal in the
1970s,” Tim Tenke, who was elected
mayor by three votes in November
2017, said in a recent interview.
The two projects are going to change
the face of this old North Shore city,
a part of Long Island’s Gold Coast
and once home to some of America’s
wealthy elite, including J.P. Morgan,
the Pratt family, and F.W. Woolworth.
The developments are expected to
add as many as 2,500 new residents
to the 27,500 already there. That will
mean added traffic and pressure on
utilities and other infrastructure.
Public schools may feel the need
for additional space. There will be
more calls to the city’s volunteer fire
department and police force.
Garvies Point will be made up of 569
upscale condos and 541 rental units.
The Garvies project includes Harbor
Landing, which will have 385 rental
units, and another building called
The Beacon, will include 167 condos
priced at about $770,000 to $2,995,000.
There will be 75,000 square feet of
commercial/retail space, 2,381 parking
spaces, a one-mile waterfront
esplanade, a bike path, a dog park,
a children’s playground, an amphitheater,
marinas, a boat launch and
eating spots. RXR received a $263
million tax break from Glen Cove’s
Industrial Development Agency and
the city’s Local Economic Assistance
Corp. to build Garvies Point. In addition,
the agencies approved a bond to
fund parks, the esplanade, marinas
and road construction. The bond will
total $283 million, when interest and
other costs are added. The money is to
come from an estimated $615 million
in payments in lieu of taxes (PILOTs)
that the developer and the owners
of the condos must pay the city of
Glen Cove and others, including
Nassau County, the Glen Cove school
district, and the public library, over
four decades.
RXR received $53.9 million in construction
finance for Village Square,
a 2.8 acre site next to the city’s library.
In addition to the 146 rental units,
there will be 17,500 square feet of
retail space.
Although Tenke favored the projects,
he opposed the tax breaks.
“The city will not receive more than
85 percent of the full taxes owed for
40 years,” Tenke said. “I tried to make
the point this was not a good deal for
Glen Cove.”
Graziose argues that the land was not
on the tax roll and would never get on
the tax rolls without the development.
Tenke says Glen Cove is prepared to
handle the influx of people, traffic
and added pressure on utilities and
other infrastructure.
Amy Peters, of the activist group
Community for a Sustainable Waterfront,
noted that the Garvies Point
site had been home to industrial companies
and junkyards for decades.
All living spaces are three feet above
the ground.
Living there, she said, “would be a
concern for me,” despite the cleanups.
Aside from Garvies Point and the
Village Square, there are a spate of
other new housing projects in Glen
Cove and surrounding areas.
As he pulled into Garvies Point’s
welcoming center, Graziose looked
on the bright side.
“We took a huge tract of blighted land
and we created a seaside gem,” he said.
"This was not a good deal for Glen Cove,”
says Mayor Tim Tenke.
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