Calverton Aviation and Technology

Riverhead IDA’s legal counsel, charged with the due diligence review of Calverton Aviation and Technology’s application for IDA benefits, has represented a Triple Five subsidiary in connection with its American Dream mall in New Jersey.

The Calverton Enterprise Park will fill the need for a regional air cargo logistics hub on Long Island, representatives of Calverton Agency & Technology told the Riverhead IDA in a presentation last night.

Triple Five, the company in a $40 million land deal with the Town of Riverhead, is at risk of default on its $800 million bonds for its American Dream mega mall in New Jersey, according to a public securities filing made Friday by the bond issuer’s trustee. The company reported losing $59.4 million last year in a separate filing last month.

The Triple Five company developing the 3-million-square foot mall has drained its debt reserve and has been put on notice by its bond servicer that it has not fulfilled its disclosure obligations under a grant agreement with the New Jersey Economic Development Authority.

Riverhead Town has filed a lawsuit challenging the DEC’s handling of a n application for a permit needed to subdivide vacant land at the EPCAL site and the agency's position that Suffolk County Water Authority, not the town, has the right to supply water to new development there.

Arieli Capital, a technology and innovation holding company with offices in Israell and New York, brushed aside questions raised during a Chamber of Commerce Zoom meeting about the dissolution of a recent partnership for an innovation accelerator with NYU's Tandon School of Engineering, citing a nondisclosure agreement. A partner in the firm said it would "help unlock Riverhead's economic and employment potential."

A coalition of citizens, civic groups and environmental organizations is calling on town officials to pull the plug on a $40 million...

Calverton Aviation & Technology, the company in contract with the Town of Riverhead to purchase most of its remaining vacant land at the former Grumman site in Calverton, will submit updated financial documents to the town to demonstrate its ability to close the deal and develop the property.

Riverhead Town must have additional maps prepared for the DEC before the state agency will agree to review the town's application. The new maps must provide detailed information about sensitive environmental areas on the 2,324 acres being subdivided to complete a $40 million sale.

The town's $40 million deal with Calverton Aviation and Technology requires the town to file a final subdivision map by mid-May. But the town needs approval from the DEC — and so far, it's not forthcoming.