Riverhead hires counsel to inspect EPCAL deal amid financial concerns

The Riverhead Town Board on Thursday decided to hire outside counsel to take a look at the deal to sell over 1,600 acres of the former Grumman site in Calverton to mega-mall developer T5 and partner Luminati Aerospace.

News 12 Staff

May 16, 2019, 10:03 PM

Updated 1,854 days ago

Share:

The Riverhead Town Board on Thursday decided to hire outside counsel to take a look at the deal to sell over 1,600 acres of the former Grumman site in Calverton to mega-mall developer T5 and partner Luminati Aerospace.
A contract is in place for the partners to purchase the property for $40 million. But the Town of Riverhead says it's concerned about the recent financial collapse of Luminati, which has a 25% stake in the property and was considered a principle player in the site's development.
Town Supervisor Laura Jens-Smith calls the developer's plans for the land vague. But some board members are still in favor of the plan.
Kathy McGraw is part of a Riverhead group called EPCAL Watch, which has been keeping a close eye on the deal. The group also raises concerns about the undeveloped and environmentally sensitive land. McGraw calls it a bad deal for Riverhead, both financially and environmentally.


More from News 12