KPtoys
I'm getting old
Member since 5/05 8688 total posts
Name:
Karen
|
Re: Big Resort Planned for Riverhead....
from the Times Review
Return of Snow Valley
John Niven, principal of Riverhead Resorts, makes presentation to the Riverhead Town Board Friday.
News-Review photo by John Stefans
Plan shows the ski slope but also a 90-acre man-made lake
By John Stefans
Back in February, calling their project Snow Mountain, a group of developers, theme park designers, lawyers and financiers presented a bold plan to the Riverhead Town Board.
They proposed erecting a 425-foot-high, enclosed, artificial ski slope on 755 acres at EPCAL zoned for recreational uses.
The idea didn't get very far, especially after it was discovered that project principal Tom Stewart, the purported chairman of Stewart International Marketing, wasn't chairman of that company after all. It also was learned that he had filed for bankruptcy in his native Scotland.
On Tuesday, somewhat the same team — absent Mr. Stewart, but with some new advocates aboard — returned to Town Hall with an even bolder plan in mind. The ski slope still is part of it, but now they're also proposing to dig up the 7,000-foot runway at the former Grumman compound and replace it with a 90-acre man-made lake, which would be stocked with fish and have piers for boat rentals.
To be named Riverhead Lake, it would become the focal point of what the presenters described as "a themed destination resort with multiple components" — eight distinct resorts in all — to deliver what they said would be "a bundled, multidimensional experience." In other words, they explained, "something for everyone from age 3 to 83." There would even be water taxis to ferry visitors to the various resorts lining the lake.
John Niven, chairman of Baldragon Homes Ltd. of Dundee, Scotland — described as a major builder of luxury houses throughout Scotland — introduced himself as principal of the project. He had been part of the original team of presenters in February, but went out of his way Friday to disassociate himself from Mr. Stewart.
"I can assure you he is no longer part of the team," Mr. Niven said. In fact, he noted, Baldragon Homes had taken legal action against Mr. Stewart in Scotland. Mitchell Palley of Weber Law Group, which is representing Riverhead resorts, also emphasized that Mr. Stewart is off the team.
In his presentation, Mr. Palley said that, when completed, Riverhead Resorts would generate $50 million in annual tax revenue to Riverhead, or approximately a tenth of what the town takes in at present. He also said the project would create 2,200 permanent jobs.
Riverhead Resorts is offering $100 million to purchase the 755 acres. That puts the company in direct competition with Long Island Destination Group, which also has offered $100 million for the same property.
Like Riverhead Resorts, Long Island Destination is proposing a multi-activity resort that would include, among other things, a motor sports facility, an equestrian center, a hotel and conference center, and an entertainment complex. Long Island Destination and its partner, RexCorp, are scheduled to make a formal presentation to the Town Board at 10 a.m. on Tuesday, June 26.
On Friday, Supervisor Phil Cardinale made it clear he thinks the $100 million bids are too low. "Considering the variety and intensity of the uses proposed by both bidders, the property seems to me to be worth more than the $100 million bid," he said. "I'm suggesting to both parties that they carefully reconsider what they might be willing to offer."
But aside from the purchase price, how much would it cost Riverhead Resorts to actually follow through on its ambitious plans?
The group was vague on that answer, saying that it wouldn't know until it decides on the specifics of what it wants to build. But one of the presenters, Jody Kriss, senior vice president of Bayrock Ltd., said his company had already committed to providing $100 million in venture capital to the project, with the remainder to come from bank borrowings and bonds.
Although described as very tentative, the eight proposed resorts discussed at Friday's meeting include:
-o- Riverhead Mountain. That's the indoor ski slope, which would also offer a bobsled run, an ice rink and hotel.
-o- Water adventure, with wave pool, water slides, hotel and an indoor "white sand beach."
-o- Rejuvenating complex, including a spa and wellness center and luxury hotel.
-o- Equine center, with what was described as an "equestrian village," horse-filled pastures and a hotel.
-o- Wilderness resort, featuring white-water kayaking on a man-made river, along with rock climbing, nature trails and camping.
-o- Sports lifestyle resort, with both a youth hostel and a family hotel, a field house and multi-dimensional sport fields.
-o- Heritage and entertainment resort, with restaurants and nightclubs.
-o- Conference resort, with a hotel and conference center for trade shows, conventions and concerts.
LEDO International Inc., creator of theme parks around the world, including EPCOT Center in Florida and Disneyland, Paris, would design the resorts and operate them. Also on the team would be HOK Sports Architecture, which won the job to design the new Yankee Stadium, now being built in The Bronx.
|
