Wednesday, October 27, 2010

EPCAL latest bad bews

The story:

Please see link to Newsday story below.

Newsday -

Saying it could not develop at Riverhead's Enterprise
Park at Calverton without making substantial changes
to its use, Rechler Equity Partners has pulled out
of its $18-million deal to purchase 300 acres of vacant
land at the town-owned industrial complex. The firm faced
a Friday deadline to sign its contract or pay for an extension.

Town officials said that, with Rechler dropping out, they are
now free to subdivide the property and sell it off in 10- or
15-acre blocks.