Economic Benefits
The Glen Isle project presents a once in a lifetime opportunity to promote economic growth in the City of Glen Cove
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Approximately $4.9 million NET to City of Glen Cove ANNUALLY |
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Approximately $18.7 million NET to Glen Cove School District ANNUALLY |
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Approximately $123 million in retail purchasing power during
the period of construction |
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Approximately $127 million in ANNUAL retail purchasing power from new residents and businesses |
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In excess of $300 million in tax increment financing potential |
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Upwards of $400 million in construction labor |
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Multiple Local Apprenticeship Opportunities in coordination with the Nassau/Suffolk Building Trades Council |
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Upwards of 700 new jobs projected |
* It is important to note that these benefits will occur with little to
no negative
economic impacts on police, fire, EMS, utilities and other municipal services.
* Additional benefits to the County, State and MTA not shown
At completion, the Glen Isle Development will provide the City and People of Glen Cove with approximately $65,000 PER DAY in NET tax revenue from Real Estate taxes alone. It is this type of meaningful development that will help lower the looming tax burdens Glen Cove residents and business owners are faced with.
SOCIAL, CULTURAL & COMMUNITY BENEFITS
The RexCorp-Glen Isle Partners, LLC are dedicated not only to providing
Glen Cove with a project that is economically sustainable, but a development that
will improve the quality of life for all Glen Cove residents. To reach
this goal, the Glen Isle development will incorporate a number of amenities and features that will have significant social and
cultural benefits.
From day one, Glen Isle has been committed to developing a publicly accessible waterfront and not a private gated community. Glen Isle's goal is to create a vibrant, mixed use community that
can be enjoyed by all residents of Glen Cove and visitors alike.
Some of the specific Social, Cultural and Community benefits are:
HIGH QUALITY PUBLIC OPEN SPACE, PARKS, PLAZAS & GREEN SPACES:
• Continuous Waterfront Esplanade
• Restored Public Beach
• Plazas and Other Public Gathering Spaces
• Pedestrian/Bicycle Connections Create a Continuous “Greenway” Linking the Development to Downtown and Other Neighborhoods
• Enhancement and Restoration of Pratt Park
CULTURAL OPPORTUNITIES:
• Performing Arts Theater
• Culinary and Wine School
• Possible Relocation of Garvies Point Museum
• Unique Shops and Cafes
• Waterfront Dining
• Amphitheater
• Art Galleries and Exhibitions
RECREATIONAL OPPORTUNITIES:
• Cycling
• Hiking (with links to the adjacent Garvies Point Preserve)
• Rollerblading
• Kayaking
• Fishing
• Boating
• Ice Skating
• Carousel
Environmental Benefits
The environmental story of transforming a blighted, polluted waterfront into an active, vibrant mixed-use community will be one of the true success stories of the Glen Isle project—and an example of environmentally sensitive development that will serve as a model for developers and municipalities nationwide.
Glen Isle will result in the following environmental benefits:
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Promotion of a cleaner and healthier environment with the removal of contaminated materials |
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Implementation of innovative storm water management controls for the entire area resulting in significant and profound positive effects on Glen Cove Creek and Hempstead Harbor |
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Re-use of storm water for irrigation purposes |
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Creation of new inter-tidal marshland, which acts as a natural filter, thereby further improving the creek’s water quality |
| State-of-the-art Green Building techniques to include: |
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Vegetated green-roofs |
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Use of recycled materials in building construction |
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Construction techniques that maximize energy efficiency while minimizing impacts on the natural environment. |
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Scenic views and natural vistas designed to preserve the natural beauty
of the waterfront |
| Habitat creation, restoration and enhancement to include: |
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Improved mudflat habitat |
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Restored beach dune habitat |
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Creation and restoration of freshwater and inter-tidal wetlands |
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Inter-modal transportation options resulting in reduced air pollution
and traffic impacts |
In conclusion, what was once the epitome of blight and pollution, is about to become a remarkable community asset combining economic sustainability with environmental sensitivity.
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