XML FeedsSuffolk buys out developer of Coram parcel
By CostBenefit on Aug 31, 2009 | In Long Island, Real Estate Construction Housing, Preservation & Open Space, Sprawl & Smart Growth, Newspaper/Mag/TV/Media Story, Costs and Benefits | Send feedback »
Link: http://libn.com/blog/2009/08/07/suffolk-buys-out-developer-of-coram-parcel
Acording to David Winzelberg writing on August 7, 2009 in Long Island Business News www.libn.com
With housing prices still in decline, and little new home construction on Long Island, many developers have projects on hold.
...
A few developers in Coram have sold out to governments hungry to buy the land for open space.
For example, the Suffolk County Legislature’s just approved $14.5 million purchase of about 163 acres in Coram was actually part of a compromise between the Town of Brookhaven, the county and the developer who had planned to build 144 homes there.
... Spiegel Associates had applied to the town to build the single-family homes on one-acre lots, as the zoning allowed. The homes would have been clustered and the town would have ended up with 70 acres of open space.
But the site was part of the 568-acre Overton Preserve which the town wanted to save from development in its entirety.
In November 2003, Brookhaven enacted a building moratorium on the property which lasted for 3 1/2 years and helped to stymie several plans for development there.
...
A few owners of property within Overton accused Brookhaven of trying to lower values so it could buy their land for less.
Another developer, ... Fairfield Properties, also had plans to build condominiums on property the company owned inside Overton. Fairfield ended up selling its Coram parcel to the county within the last year....
by David Winzelberg
Published: August 7, 2009
Tags: Brookhaven, Coram, developments
http://libn.com/blog/2009/08/07/suffolk-buys-out-developer-of-coram-parcel
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