The $1 billion renaissance of the 56-acre Glen Cove waterfront marked a new milestone last week with the topping-out of The Beacon at Garvies Point, a 167-unit, LEED-certified condo complex.
The Beacon at Garvies Point – as well as the overall Garvies Point site – is being developed by RXR Realty in cooperation with the City of Glen Cove.
City officials, RXR executives and representatives from Hunter Roberts, the construction company completing Phase 1 of the project, joined members of the entire construction crew, the sales and marketing team and administrative support staff for a morning celebration that saluted the entire workforce, as well as the topping-out.
“While we’ll soon be celebrating the transformation of the Glen Cove waterfront into a vibrant, active mixed-use community, today we’re celebrating the hard work and commitment of our construction workers and expressing our appreciation of the local businesses that support this landmark project,” said Joe Graziose, executive vice president of residential development and construction at RXR Realty.
The development team for the project is committed to using a strong complement of local talent and services over the course of the project. Ninety percent of the workforce is from New York, New Jersey and Connecticut. Close to 40 percent of the overall workers are local to Long Island, whether as members of the construction crew, project administrators, sales and marketing team, and, as in the case of the topping out luncheon, local Glen Cove merchants. Dishing out lunch after the topping-out was a food court of local favorites including American Café, Amalfi of Glen Cove, Angela’s Bakery, Sid’s, Leo’s Deli, Heritage Bakery, and Sun Rise Chinese Food.
Scheduled to open by the end of this year, The Beacon at Garvies Point features one-, two-, and three-bedroom residences ranging from 900 to 2,850 square feet in size. The development offers a variety of outdoor spaces, including rooftop terraces at the penthouse level, courtyard terraces, and balconies on nearly every home. Additional amenities include a fitness center and yoga studio, a club lounge, a game room, a party room, a movie theater and an outdoor pool.
The condo buyer’s market has responded enthusiastically to the complex, where sales have now exceeded 45 percent. The developer has raised prices five times in response to demand, with 65 units in contract and more than $72 million in sales. The cost of a condo at The Beacon – which originally started at $575,000 – now starts at $700,000 and goes up to $3,000,000.
Deirdre O’Connell, CEO of Long Island based Daniel Gale Sotheby’s International Realty, the exclusive sales and marketing team for the project, said, “The early and ongoing success of The Beacon at Garvies Point has demonstrated beyond a doubt the demand for a low maintenance, community lifestyle on Long Island. We are proud to partner with the RXR team for this extraordinary concept in suburban living.”
Garvies Point provides residents with 28 acres of public amenity space, including a one-mile waterfront esplanade with outdoor seating, miles of trails and bike paths, playgrounds, kayak and boat launches, a dog park, a beach and an amphitheater. The unique venue also includes an educational ecology pier and restored wetlands.
Residents will have access to a new, high-speed ferry with direct service to Manhattan, as well as a variety of restaurants, shops and services that will comprise more than 75,000 square feet of retail space at the site.
In addition to The Beacon, Garvies Point also offers Harbor Landing, a 385-unit, two-building rental complex offering a mix of studios and one- and two-bedroom residences ranging from 500 to 1,300 square feet in size. Amenities include an outdoor pool, a fitness center, a club room, a private dining room, a lobby and on-site parking. Harbor Landing is also targeted to open later this year.
As development has progressed on the overall site, Garvies Point has remained on track to generate hundreds of millions of dollars in economic activity, including total gross revenues in excess of $635 million; an annual economic benefit of $50 million to the City; $24 million annually in local spending by new residents; and the creation of more than 460 direct and indirect construction jobs per year during the construction period, as well as more than 540 permanent jobs.
In addition to Garvies Point, RXR Realty is extensively redeveloping the Village Square portion of downtown Glen Cove. The revitalized Village Square will deliver new, walkable retail options and housing opportunities for area residents.
For more information on the property, please visit www.garviespoint.com.