Transformative EPCAL development awaits IDA transfer
September 23, 2022
Peter L. Curry was mentioned in Long Island Business News’ article about the Riverhead Industrial Development Agency accepting an application from Calverton Aviation & Technology.
CAT plans to transfer the property in the Enterprise Park at Calverton from Riverhead’s Community Development Agency to its IDA. This would open the door for CAT to finally close on its $40 million acquisition of the EPCAL land.
While the property is zoned to accommodate 9.8 million square feet of development, the purchase agreement with the town calls for CAT to build a minimum of 1 million square feet of development at EPCAL within the first five years. For that first phase of the project, the developer will invest more than $200 million, employ 235 construction personnel and create an additional 117 jobs, according to CAT’s attorney Peter Curry of Farrell Fritz, who added that the project will require IDA incentives to assist in the development.
To read the full article, please click here.