RXR Realty Breaks Ground On Glen Cove Waterfront

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Joseph Graziose, SVP at RXR Realty; Don Monti, chief executive officer of Renaissance Downtowns; Michael Posillico, executive VP of Posillico, Inc.; Myralee Machol, executive director of the Glen Cove Community Development Agency; Mayor Reginald Spinello; Scott Rechler, chairman and chief executive officer of RXR Realty; Michael Maturo, president and chief financial officer of RXR Realty; Todd Rechler, co-chief operating officer and president at RXR Realty; Frank Haftel, first vice president of RXR Realty.
Joseph Graziose, SVP at RXR Realty; Don Monti, chief executive officer of Renaissance Downtowns; Michael Posillico, executive VP of Posillico, Inc.; Myralee Machol, executive director of the Glen Cove Community Development Agency; Mayor Reginald Spinello; Scott Rechler, chairman and chief executive officer of RXR Realty; Michael Maturo, president and chief financial officer of RXR Realty; Todd Rechler, co-chief operating officer and president at RXR Realty; Frank Haftel, first vice president of RXR Realty.

After decades of planning, the Garvies Point waterfront development is moving forward. On Tuesday, Dec. 6, the official groundbreaking took place at the site of the $1 billion mixed-use development, an event that attracted more than 100 people. A vision to restore nearly 60 acres of Glen Cove’s waterfront to productive use, 20 years in the making, is finally becoming a reality.

“I have long said that Garvies Point represents a vision to reclaim Glen Cove’s waterfront for the community at large,” said Frank Haftel, first vice president of RXR Realty. “Today is a result of countless hours of hard work, analysis, rigorous thinking, negotiation, compromise and then more hard work by people who care deeply about the future of this great city.”

The ceremonial groundbreaking took place under a large heated tent and was attended by local elected officials, business owners, school administrators and community residents who heard from Haftel as well as Mayor Reggie Spinello and Scott Rechler, chairman and CEO of RXR Realty. The crowd was also treated to a performance by children from Harbor Child Care, who sang “This Land Is Your Land.”

About Rechler, Haftel said, “Few others would have dared to take on a project as transformative, as consequential and as seemingly impossible as this one. But for Scott, it has been a labor of love and I admire the spectacular breadth of his vision and his determination to see it take shape.”

“This has been a long process,” said Rechler. “If someone had told me in the beginning that it would be 10 years before we would actually be at a groundbreaking, I’m not sure I would have taken this journey.”

He noted that his sons played PeeWee football in Glen Cove when the process first started and now they are in college; two different companies, gone through three different mayors, three different governors and almost three different presidents.

“The only way you can get through something like this for 10 years is really having the partnership and focus of a lot of people,” Rechler said. “This is a historic groundbreaking. This will be one of the largest developments on Long Island. It’s an opportunity to take a blighted site that has sat unused for over half a century and to create a vibrant downtown waterfront.”

Construction of Garvies Point is expected to be complete by 2022, with phase one expected to be complete in approximately two years. This phase includes The Beacon, a 167-unit condo complex, offering one-, two- and three-bedroom residences ranging from 906- to 2,052-square-feet; Harbor Landing, a 385-unit complex, offering a mix of studios and one and two bedroom residencies ranging from roughly 500- to 1,300-square-feet; and public amenities, designed by landscape architecture firm MPFP, connecting the project to the Garvies Point preserve and downtown Glen Cove. The public open space will comprise 28 acres of waterfront parks, trails, bike paths, playgrounds, a dog park, a new amphitheater, a marina offering water-borne recreational activities and an educational ecology pier. In addition to the public amenities and residential units, the project will include up to 75,000 square-feet of shops and restaurants.

In total, Garvies Point is expected to generate hundreds of millions of dollars in economic activity, including approximately $622 million in new revenue to the city, school district, library district and Nassau County; an annual economic benefit of $50 million to the city; $24 million annually in local spending by new residents; and the creation of more than 460 direct and indirect construction jobs per year during the construction period, and more than 540 permanent jobs.

“This development will bring empty-nesters, young professionals and millennials to Glen Cove, while at the same time ensuring there are affordable housing options to maintain the diversity of our community,” said Spinello. “And with these residents will come new spending that infuses our local economy, supports our local businesses and enables Glen Cove to continue its role as a center of commerce for the North Shore of Long Island.”

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