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Overcast Bayfront development evaluation under way
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, which was hired by the city to undertake a six-month fact-finding mission to determine the feasibility of a massive development project on Reynolds Channel, including housing and a large marina.
The development group is a partnership of Lancer Insurance and Cameron Engineering. According to John Cameron, managing partner of Cameron Engineering, the partnership has been working aggressively to acquaint itself with the various issues raised by the potential project. The group is currently examining the bayfront's infrastructure, meeting with Long Island Power Authority, KeySpan Energy and the state Department of Environmental Conservation to discuss the consolidation and relocation of utilities, among other issues.
At the same time, the development group is also reaching out to community members, some of whom have expressed their opinions of the project at recent City Council hearings. While many residents appear to be in favor of the project, others' concerns include the variety and cost of housing, environmental issues and the development's impact on local jobs. According to Cameron, the development group hopes to address all of those issues.
"We've been doing our homework," Cameron said. "We don't want to promise what we can do at this point, but we will meet with as many parties as time goes on to do our due diligence during this period."
One of those groups is the North Park Civic Association, which represents the neighborhoods at the east end of the development area. At recent meetings, Cameron said, "We talked about everything on their minds." North Park community members voiced their concern about the need for affordable housing in the proposed development. An early projection calls for 150 of the 500 housing units planned for the project to be designated "work force" or "next generation" housing.
Paul Goodman, who heads the Long Beach Housing Authority, said that while a substantial amount of work needs to be done, he feels confident that the development group can pull it off. "They are held in high esteem, and have a lot of integrity," Goodman said. "They need to be concerned with the bottom line ... this particular site can be viewed as blighted and in need of improvement. I'm looking forward to seeing what they can do."
The development would take place between Long Beach Boulevard and the Long Island Rail Road station. Early plans call for a marina, as many as five mixed-use towers, an outdoor amphitheater and a promenade linking the development to Park Avenue. At a City Council meeting last month, Damian Sciano, chairman of the city's Planning Advisory Board, said it was important to revitalize the area, while also addressing environmental concerns. "We'd like to see the gateway of the city show a better face," Sciano said.
City Manager Ed Eaton said that while the fact-finding mission was still in its early stages, he was pleased to hear that the development group has met with utilities and local community groups.
While the city's boardwalk continues to sprout high-rise condos, the proposed bayfront development has also sparked the interest of local real estate agents, who see potential in a previously untapped area. Among their questions are, How does a view to the north compare with a view of the ocean to the south? And will luxury condos on the bay fetch as much as they do on the beach?
Joyce Coletti, an agent at Prudential Douglas Elliman, said she believes the Long Beach market can handle another development, especially one on Reynolds Channel. "Currently we don't have any developments on the open bay," Coletti said. "There is definitely a market for it. I wouldn't build too much, but there is definitely a market for it."
According to Coletti, for most buyers coming into Long Beach, the difference between the beach and bay is almost irrelevant. "As long as there is a view of the water, I don't think people will care that they're looking at Island Park and not the ocean," she said.
Bridget Callahan of RE/MAX Shores said that the bayfront development would not only usher in a new group of high-end buyers, but also open up the market to Long Beach's next generation. "We need more places for our younger people," Callahan said. "There are a lot of people who grew up in Long Beach that can't afford to stay here."
The multifaceted nature of proposed development is what makes it so intriguing, real estate agents say, since additions like the marina and amphitheater would help boost property values. For buyers interested in boating, a new marina would be an additional selling point.
Coletti estimated that a condo on the bay with features similar to the Meridian condos on the beach might sell for $800,000 to $1.2 million.
Cameron noted that the new development would be a different animal than beachfront condos, where competition is stiff. He also offered his opinion on the debate over the view to the north. "In all candor, the view from the bayfront is a lot more interesting," he said. "You've got the sunset, boats, and all the surrounding communities. It's very attractive."
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The development group is a partnership of Lancer Insurance and Cameron Engineering. According to John Cameron, managing partner of Cameron Engineering, the partnership has been working aggressively to acquaint itself with the various issues raised by the potential project. The group is currently examining the bayfront's infrastructure, meeting with Long Island Power Authority, KeySpan Energy and the state Department of Environmental Conservation to discuss the consolidation and relocation of utilities, among other issues.
At the same time, the development group is also reaching out to community members, some of whom have expressed their opinions of the project at recent City Council hearings. While many residents appear to be in favor of the project, others' concerns include the variety and cost of housing, environmental issues and the development's impact on local jobs. According to Cameron, the development group hopes to address all of those issues.
"We've been doing our homework," Cameron said. "We don't want to promise what we can do at this point, but we will meet with as many parties as time goes on to do our due diligence during this period."
One of those groups is the North Park Civic Association, which represents the neighborhoods at the east end of the development area. At recent meetings, Cameron said, "We talked about everything on their minds." North Park community members voiced their concern about the need for affordable housing in the proposed development. An early projection calls for 150 of the 500 housing units planned for the project to be designated "work force" or "next generation" housing.
The development would take place between Long Beach Boulevard and the Long Island Rail Road station. Early plans call for a marina, as many as five mixed-use towers, an outdoor amphitheater and a promenade linking the development to Park Avenue. At a City Council meeting last month, Damian Sciano, chairman of the city's Planning Advisory Board, said it was important to revitalize the area, while also addressing environmental concerns. "We'd like to see the gateway of the city show a better face," Sciano said.
City Manager Ed Eaton said that while the fact-finding mission was still in its early stages, he was pleased to hear that the development group has met with utilities and local community groups.
While the city's boardwalk continues to sprout high-rise condos, the proposed bayfront development has also sparked the interest of local real estate agents, who see potential in a previously untapped area. Among their questions are, How does a view to the north compare with a view of the ocean to the south? And will luxury condos on the bay fetch as much as they do on the beach?
Joyce Coletti, an agent at Prudential Douglas Elliman, said she believes the Long Beach market can handle another development, especially one on Reynolds Channel. "Currently we don't have any developments on the open bay," Coletti said. "There is definitely a market for it. I wouldn't build too much, but there is definitely a market for it."
According to Coletti, for most buyers coming into Long Beach, the difference between the beach and bay is almost irrelevant. "As long as there is a view of the water, I don't think people will care that they're looking at Island Park and not the ocean," she said.
Bridget Callahan of RE/MAX Shores said that the bayfront development would not only usher in a new group of high-end buyers, but also open up the market to Long Beach's next generation. "We need more places for our younger people," Callahan said. "There are a lot of people who grew up in Long Beach that can't afford to stay here."
The multifaceted nature of proposed development is what makes it so intriguing, real estate agents say, since additions like the marina and amphitheater would help boost property values. For buyers interested in boating, a new marina would be an additional selling point.
Coletti estimated that a condo on the bay with features similar to the Meridian condos on the beach might sell for $800,000 to $1.2 million.
Cameron noted that the new development would be a different animal than beachfront condos, where competition is stiff. He also offered his opinion on the debate over the view to the north. "In all candor, the view from the bayfront is a lot more interesting," he said. "You've got the sunset, boats, and all the surrounding communities. It's very attractive."
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