Business & Tech

555 Stewart Avenue Project A Joint Venture?

Property owner close to signing deal with 'well-known development company' to build 25 townhouses.

Kevin Walsh, who represents the owner of 555 Stewart Avenue, put rumors to rest Thursday about whether or not the longtime vacant property at the eastern gateway of Garden City has been sold.

He confirmed the property has in fact not been sold but that the owner is in the process of agreeing to a joint venture with a "well known development company" to construct 25 townhouses at the location. The contract has been written, according to Walsh, and is being negotiated.

"They will move very quickly," he said.

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Walsh didn't specify which company is negotiating with his client but didn't deny when asked if Meadowbrook Pointe was one of the prospective parties involved.

"That's one of the people I'm speaking to," he said. "I'm not permitted to go into it. They are very interested in the project, I'll indicate that."

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Mayor Robert Rothschild said he hopes whoever ends up taking on the project completes it and is willing to work with the village throughout the process.

"I've heard little birdies say things to me and some of the names I wasn't happy about," the mayor said. "I don't know who's going to wind up with it but the village really wants to make sure whoever gets to this property does it right…"

Walsh assured the board that one of the parties his client is close to signing a deal with has "significant finances" to bring the project to fruition.

"When you find someone willing to take a project on and become a joint venture I find they have a wherewithal, they're seasoned, they know they have to make it happen," he said. "They know it has to be done in such a way and I believe that they would satisfy the village, as would we. I don't believe we're coming off this either, we're staying on this joint venture."

In September 2008, Garden City granted final site plan approval to construct 25 townhouses on the property, a vacant parking lot now strewn with weeds.

The project came to an abrupt halt when the economy took a dive and there's been no movement at the site since. Walsh requested the board grant a one-year extension on that final site plan approval, which expired Sept. 11, 2009.

"I think this board, as most folks, are aware of the economic conditions since that fall," Walsh said. "I'm happy to report that my client is moving ahead in an effort to develop this pursuant to the approval granted by this board and as such is requesting the board grant an additional one year to get a building permit to take it through September 2010."

Walsh said his client is not "that close" to requesting a building permit and indicated he would be back before trustees requesting one final extension.

Building plans are currently before the Nassau County planning commission. A hearing is required for the subdivision relative to the project. If approved, the plan will then come before Garden City's planning commission.

"Those things will be coming together through the summer and early fall," Walsh indicated. "Construction drawings will be worked on simultaneously with that. They've already talked about getting a model done."

Nassau County has jurisdiction over Stewart Avenue. The one modification to the project is the synchronizing of the entryways to the south and north side, which has already been approved by the county's highway department, according to Walsh. One traffic light is anticipated at the location to help mitigate ingress and egress.

Garden City building superintendent Mike Filippon said requests for extensions are not that uncommon, assuming no change has been made to the application itself.

"The typical question asked is whether any conditions changed from the time the approval was first given ... Generally speaking, if that hasn't happened, there's not a strong or compelling reason not to grant the extension," he said.

After further discussion, trustees granted the one-year extension. Walsh intends to bring "all parties" back before the village board to present their site plans.


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