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EPCAL’s revolutionary development awaits IDA transfer

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News Tech: The transfer of 1,644 acres from one Riverhead entity to another will allow for one of the major economic development initiatives in the area.

According to documents provided to the IDA, CAT, which is led by Triple Five Worldwide Group, is scheduled to start construction on its expansive corporate campus, which will include tenants involved in industrial aviation, aerospace, transportation, technology, and logistics, once the land sale is complete.

Calverton Aviation and Technology’s request to transfer the Enterprise Park property in Calverton from the Community Development Agency of Riverhead to its IDA was approved by the Riverhead Industrial Development Agency on Wednesday, making it possible for CAT to complete its $40 million purchase of EPCAL land.

The purchase deal with the city requires CAT to construct a minimum of 1 million square feet of development in EPCAL during the first five years, even though the area is designated for 9.8 million square feet of development. According to Peter Currie, an attorney with Farrell Fritz in CAT, the developer will spend more than $200 million on the project’s initial phase, hire 235 construction workers, and add another 117 jobs. He also said that IDA incentives will be required to support the project. improvement.

Since the U.S. Navy and Northrop Grumman last used the 2,900-acre Calverton property to test F14 and other military aircraft, the city has owned the land. The balance of the property was always intended for economic development, and despite numerous unsuccessful proposals over the years, Riverhead is now in a position to deliver on that promise. Additionally, portions of the property were preserved as open space to safeguard the ecological health of the area.

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