Next phase of Garvies Point redevelopment to bring 101 new apartments to Glen Cove waterfront

Glen Cove will be home to 101 new rental apartments, as construction gets underway in the next phase of the $1.3 billion Garvies Point development that is expected to transform the city's waterfront.

Officials said they will break ground Monday on the Dickson Street apartments, known as The Arden, which will have market-rate studios, one-, two- and three-bedroom apartments as well as 2,400 square feet of retail space, according to Uniondale developer RXR. The complex also will feature a landscaped courtyard with a firepit, pool and walking trail leading to Garvies Point Preserve.

RXR expects to complete construction on The Arden complex in 2027 and begin moving in residents that year, said Joseph Graziose Sr., executive vice president of residential construction and development for RXR.

“We’re happy to see progress down there,” Glen Cove Mayor Pamela Panzenbeck said.

The Arden, developed by RXR and Japanese real estate investment company Chuo-Nittochi, is part of a long-awaited project at the former Superfund site that aims to build 1,100 new homes on 56 acres, including condominiums and apartments, public parks, marinas, restaurants, stores and offices.

RXR and its partners so far have invested just over $700 million in the Garvies Point project, Graziose said, building 607 homes, including 385 market-rate rentals, 167 high-end condominiums and 55 workforce housing apartments, Graziose said. The apartments were rented by lottery, and reserved for those earning up to 100% of the area median income, or $145,300 for a family of four, according to a lottery notice.

Roughly 98% of the market-rate apartments are occupied, and 13 condominium units remain available for sale, Graziose said.

Developer tax breaks

RXR promised to build roughly 1,100 homes in Glen Cove in a plan that dates to the 1970s, when Glen Cove officials first searched for a developer to reshape the Superfund site.

The Glen Cove Industrial Development Agency and Local Economic Assistance Corp. approved an estimated $263 million in tax breaks for the developers in 2016, and RXR and its partners broke ground on the project that year, Newsday reported. The agencies also approved a bond to finance public amenities, including the parks and road reconstruction, Newsday reported.

During 2022, 2023 and 2024, the last years for which data is available, RXR and its partners saved roughly $26.6 million through tax abatements on the overall project, which run through 2057, according to Glen Cove IDA annual reports from those years.

But since RXR broke ground in 2016, the project has faced delays. The pandemic and higher construction costs stalled the project, according to the developer.

RXR has tried to limit the impact of tariffs on construction costs for The Arden, Graziose said. The developer has already purchased most of its construction materials, including HVAC equipment and electrical pieces, he said.

RXR also brought in Chuo-Nittochi as a new equity partner to help develop The Arden, Graziose said. RXR did not immediately disclose the size of Chuo-Nittochi’s investment.

Construction on 346 luxury condos have yet to begin, so RXR doesn’t have to make payments to the city under its property tax relief agreement, resulting in a city revenue shortfall, contributing to Glen Cove raising property taxes by nearly 2% that year, Newsday reported.

Former Glen Cove City Councilmember Marsha Silverman, a vocal critic of the agreement between RXR and the city, said that the agreement effectively means Glen Cove is subsidizing the buildings RXR has constructed.

“Those buildings use services provided by the city,” Silverman said. “And if RXR is not paying their fair share, the rest of Glen Cove is subsidizing those buildings.”

Ann Fangman, the executive director of the Glen Cove IDA and Community Development Agency, said that RXR bringing in a new partner demonstrates its commitment to the project.

“With The Arden specifically, RXR has made an effort to bring in new equity and new partners for their project," Fangman said. “That’s the reason why The Arden is getting built today. We see some positive movement."