Venture group proceeds with $40 million deal for Enterprise Park in Calverton
The entrance to the Town of Riverhead's Enterprise Park at Calverton, located on the site of the former Grumman plant off Route 25 in Calverton, is shown on Sept. 13, 2016. Credit: Newsday/John Paraskevas
Venture group Calverton Aviation and Technology has agreed to proceed with its $40 million proposal to purchase more than 1,600 acres of property at the Enterprise Park at Calverton, Riverhead officials have confirmed.
The venture group — made up of aviation company Luminati Aerospace LLC and Edmonton, Canada-based developer Triple Five Group — had a May 19 deadline to notify Riverhead of whether it would move ahead with its proposal to purchase the property to convert it into space to expand Luminati’s aerospace operations.
Riverhead Supervisor Laura Jens-Smith announced at the Riverhead Town Board’s Thursday work session that the venture group sent Town Attorney Bob Kozaciewicz a letter dated May 15 confirming it was proceeding with the sale.
“They’ve completed their due diligence and have exercised to go forward with the sale,” Jens-Smith said.
Calverton Aviation and Technology representatives did not respond to requests for comment.
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