Long Island is home to some of America’s oldest bedroom communities, and for many, the prototypical definition of what it means to be “suburban.” But recently, many Long Island communities are looking to transformative real estate growth that reflects shifts in market tastes and can help grow the local economy, create jobs and retain residents both young and old.
“The suburban sales boom, driven by a better economy and greater affordability, is taking on characteristics of new urbanism,” said Jonathan Miller, president and CEO of Manhattan-based Miller Samuel, the real estate appraisal and consulting firm that produces Douglas Elliman’s market reports.
“There is growing amount of multi-use development close in to commuter lines, and this is beginning to look like a long-term trend. Consumers from the city are already used to multifamily living in co-ops, condos and rentals, and therefore are comfortable with it in the suburbs,” Miller said.
In the City of Glen Cove, the $1 billion, 60-acre Garvies Point project by RXR Realty finally broke ground in January after years of planning and a multi-million-dollar site remediation. The developer expects the first phase to be completed by 2018, with the project’s eventual completion in 2022. The final project will eventually include more than 1,100 apartments and condos, as well as a restaurants, retail and public park space. Pricing on the units is not yet available.
The industry points to Garvies Point as a prime example that now, large mixed-use projects of regional significance can be built on Long Island — it just takes a bit of time.