By Douglas Feiden
Greystone Property Development Corp. is disclosing new details about its plans to build a luxury condo complex on the last major undeveloped waterfront parcel in Sag Harbor.
And the compromise being thrashing out to subdivide the property and convey the bulk of it to the village for the John Steinbeck Waterfront Park is moving forward.
In a presentation to the Zoning Board of Appeals on December 20, Greystone attorney Dennis Downes put it simply: “It’s going to happen.”
The project at 2 West Water Street would carve out a “uniquely shaped 0.69-acre portion of an overall 1.94-acre parcel of land” for a three-story, 36,000-square-foot development, said Courtney Riley, a Greystone consultant at VHB Engineering.
“The remaining 1.25 acres will be subdivided for the potential sale of land to the village for use as a public park,” she said.
Greystone originally sought to develop the entire site, including 1, 3 and 5 Ferry Road, which is now slated to become parkland. A long regulatory process lies ahead, and the firm on December 27 will brief the Planning Board, the lead agency on the project.
Noting that Greystone will be returning to ZBA to seek variances, Chairman Tim McGuire said, “We want to know with some confidence the park isn’t going to disappear after we grant the variances.”
ZBA won’t be able to grant variances without the condition that it becomes a park, said Denise Schoen, its attorney.
Mr. Downes offered a snapshot of what comes next: “The trustees are working with the Community Preservation Fund, where the bulk of the money is going to come from,” he said.
“Once they have that ironed out, and we’re toward the end of our permitting process, we will be entering into an agreement with the village so they can take over the park. It’s going to happen.”