Calverton Enterprise Park

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.

A developer looking to build a waste-to-energy facility at the Calverton Enterprise Park is asking the Riverhead Zoning Board of Appeals to overrule the town building department's determination that the zoning code prohibits the use. The facility, proposed by Melville-based CEA Energy, would process organic wastes and generate renewable natural gas and compostable soil amenders, according to documents filed with the ZBA.

The “Race Track, Not Street” drag-racing events scheduled for this weekend have been canceled due to confusion —or some sort of misunderstanding — over ownership of a taxiway at the Calverton Enterprise Park. The remaining events in the “Race Track, Not Street” series will go on as planned, except they will be located on the 7,000-foot runway, where they were held last year.

The Riverhead Town Board today approved transfer of the town’s land holdings inside the Calverton Enterprise Park to the Riverhead Industrial Development Agency, pursuant to an agreement reached between the town and its contract vendee, Triple Five affiliate Calverton Aviation and Technology.

Riverhead Town will move ahead with a new agreement that aims to finalize its $40 million land deal with Triple Five Group, if a resolution on the town board’s agenda wins approval next week. Here are the highlights of the plan.

Triple Five has agreed to move forward with the town’s proposal to involve the Riverhead Industrial Development Agency in the $40 million EPCAL land deal, Supervisor Yvette Aguiar announced this afternoon.

At issue, Riverhead Supervisor Yvette Aguiar says, is what happens if the buyer does not gain approval from Riverhead IDA. Triple Five attorney Christopher Kent denies his client is reneging on anything and says they are simply trying to work out the details.

A proposed resolution authorizing the transfer of land at the Calverton Enterprise Park to the Riverhead Industrial Development Agency will not be on tonight’s town board and CDA meeting agendas.

In an open letter to the Riverhead Town Board, Calverton resident asks the board to delay action on new approach to closing land deal.

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.