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Large-Scale Calverton Corporate Tech Park Advances Through Approvals Process
The application by Triple Five’s Calverton Aviation & Technology (CAT) to transfer the former Calverton flight test center property on Long Island to the developer has been accepted by the Riverhead Industrial Development Agency. If the IDA’s action is approved, CAT will redevelop the 1,644-acre property into what is expected to be the largest research, technology and industrial corporate park in the East.
“This project is unlike any in the East for there is no other location with this much acreage, an existing infrastructure, with access to rail, surrounded by a trained, educated, motivated work force and within reach of world class institutions on Long Island such as Cold Spring Harbor Labs and Brookhaven National Laboratories that can realize future partnerships with our tenants,” said CAT principal Justin Ghermezian.
He added that CAT will spend $245 million to acquire and develop the project’s first phase.
- ◦Development
- ◦Policy/Gov't
