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$1B Glen Cove Project to Break Ground Next Year

GLEN COVE, NY-A partnership headed by RXR Realty LLC hopes to break ground late next year on the first phase of a $1-billion mixed-use project on this Nassau County community’s waterfront.

RXR is the managing partner of RXR Glen Isle Partners LLC, which includes Renaissance Downtowns LLC and the Posillico Group. The team hopes to build Garvies Point, which when fully built out will feature a total of 860 rental apartments and condominiums. The plan for the property that once housed factories, also calls for a 250-room hotel and conference center, 50,000 square feet of commercial and office space and 25,000 square feet of retail and restaurant space, according to the Wall Street Journal. The project will also include parks, a marina and a promenade along the city of Glen Cove’s waterfront.

“Glen Cove historically was one of the most vibrant communities on Long Island or even the New York suburban marketplace, but over the years it’s lost some of its luster,” says Scott Rechler, CEO of RXR Realty The project is “reopening the waterfront” to the public, he said.

The project’s first phase will consist of 387 housing units in two buildings. See story in the Wall Street Journal.

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