As a real estate consultant and appraiser involved with many successful rental housing and retail developments, the former Glen Cove assessor, member of their Planning Board and IDA and commercial property advisor I’ve yet to see anyone produce a demand study showing that there is a ready market for the planned number of market rate units there and one including all the other proposed developments in Glen Cove.
In the 1960s, I was a senior appraiser in the department of real estate in New York City. They had the Arvern Urban Renewal that condemned all the summer bungalows to allow middle income apartments in the Rockaways that they thought would rent having good beaches and RR transit. It was a flop and all it did was drive the upper middle class to the Five Towns in Nassau. The area was then populated with subsidized low income people that the managers of the more central located public housing wanted removed as they were problem tenants.
If the development can’t attract enough market rate middle income tenants they’ll turn it into a gold bond for the landlord—Section 8 Housing—and there goes Glen Cove.
As to the ferry—it was a flop when free to take people to Foxwood to gamble. Better that the money was spent to provide access to the LIRR Port Washington line. That is virtually a subway to Manhattan. The Nassau commuter who needs his car will find it impossible to get through Greenvale as now in the rush hour is a time wasting nightmare.
On the other side of the coin, if they are successful it will become a second Brooklyn Heights and put Glen Cove on the upscale map—but without and unbiased accurate demand study so far it looks like a potential disaster for our area.