Town of Huntington officials will consider terminating some of the covenants and restrictions on a Huntington Station property slated to be part of the hamlet’s multimillion-dollar revitalization.
On Dec. 7, the town board will hold a public hearing on lifting the restrictions on the parcel, located on the northeast corner of Northridge Street and New York Avenue.
The covenants include requirements that the property is used solely for purposes relating to economic redevelopment, among other things, town officials said. The restrictions only were required when the property was owned by the town’s Economic Development Corporation.
Last month, the town board approved ownership of the property to be transferred from the Economic Development Corporation back to the town. Town officials are expected to eventually transfer ownership of the property to Renaissance — a move that would be subject to a permissive referendum.
Ryan Porter, vice president of planning and development for Plainview-based Renaissance Downtowns, the master developer for the revitalization, said the changes in the restrictions will help Renaissance in getting a title once ownership of the property is transferred to the company.
“It’s typical covenant- and restriction-type releases that would be needed to provide marketable and insurable title to our title company,” Porter said.
Renaissance has designated the property as one of its first projects in the revitalization of Huntington Station. The $5.12 million Northridge Project will be a three-floor structure with commercial uses on the ground level and eight apartments on each of the second and third floors.
Attorneys for the town and Renaissance are working on language to be included in the transfer agreement to Renaissance that protects the town’s interest in the event Renaissance does not build its project, Town Supervisor Frank Petrone said.
“We need assurances with a reverter clause and that there is financing,” Petrone said. “If there is for some reason a stoppage of the project or for some reason it doesn’t get done, that the property reverts back to the town.”
Porter said the changes are just part of the development process.
“This is the first project to get into the ground in this revitalization effort, so the first has its own cache and scrutiny,” Porter said. “We’re fine with accommodating the town to make sure that everybody is comfortable — that’s what a partnership is about.”