News: Long Island

Riverhead Resorts, LLC selected to develop 755-acre destination resort project

Riverhead Resorts, LLC - a partnership of Bayrock Group, LLC and Baldragon Homes, Ltd. was overwhelmingly selected on September 19, by the Riverhead Town Board to develop its proposed world-class, multiple-themed destination resort plan for the 755-acre former Grumman property designated by Riverhead Town on the EPCAL (Enterprise Park Calverton) property for recreational development. Jody Kriss of Bayrock Group said, "We are confident that this project will transform Riverhead into a world-class destination, drawing on the 50+ million visitors to New York City each year." "Riverhead Resorts is thrilled to be selected by the town to proceed with negotiations and development," said John Niven, Riverhead Resorts principal. "Jody Kriss and I are confident that this project represents the highest and best use for this property and presents tremendous economic potential for the town and region." Eight related and integrated themes within Riverhead Resorts, interwoven with internal water and land transportation have been conceived to encourage extended guest stays throughout all four seasons. Centered around the 90-acre man-made lake feature, Riverhead Resorts will offer complementary, yet distinct, unique resort concepts including Riverhead Mountain, a 350 ft. indoor ski, snowboarding and ice activity center; Water Adventure featuring lush indoor aqua-tecture; an equestrian center featuring extensive trails for on and off-site access; a rejuvenation spa centered around botanical gardens; wilderness resort extending outdoor and camping opportunities; a sports lifestyle resort offering individual and team recreational and competitive experiences; a heritage and entertainment resort featuring a seaport environment with a local farmer market and farm museum; as well as a conference resort providing a 100,000 s/f exposition hall for product and trade shows as well as special interest conferences. The Riverhead Resorts project is exhaustive in its detail for environmental concerns and its design premise, which first outlined environmental protection zones for Pine Barrens, tiger salamander habitat, and other sensitive wetland and surface water features. It is anticipated that development will be phased with the first cluster of resorts available to guests in two to three years from authorization to proceed.
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The evolving relationship of environmental  consultants and the lending community - by Chuck Merritt

The evolving relationship of environmental consultants and the lending community - by Chuck Merritt

When Environmental Site Assessments (ESA) were first part of commercial real estate risk management, it was the lenders driving this requirement. When a borrower wanted a loan on a property, banks would utilize a list of “Approved Consultants” to order the report on both refinances and purchases.