Long Island story: The Cerro Wire development saga comes to a close!

By | February 1, 2014

title insurance New YorkSimon Property Group out-dueled Taubman Centers, Inc. in the Cerro Wire development saga centered in Syosset, New York that has stretched out over many years and cost Taubman quite a bit of money!

Hotly contested by the community from the start Simon Property, owner of such properties as the Roosevelt Field Mall, foiled the attempt of Taubman Centers to bring an upscale mall to a former industrial property located just north of the Long Island Expressway in Syosset.

Simon Property had recently purchased a parcel adjacent to the Cerro Wire land from the Town of Oyster Bay and has now completed the purchase of the Cerro land from Taubman promising to bring a mixed-use development to the property.

The President of the Cerro Wire Coalition which had long fought Simon had this to say about the sale: ‘We look forward to working with the new owner to redevelop the property with an alternate development concept that is supported by the community and the town.’

From Newsday the article titled ‘Mall developer promises mixed-use for former Cerro Wire site‘:

The new owner of the old Cerro Wire site says it is eager to work with Oyster Bay leaders on a mixed-use development on land where the former owner fought for 19 years to build a luxury mall.

Michigan developer Taubman Centers Inc. announced Friday it had sold the 39-acre site in Syosset to rival mall developer Simon Property Group, which purchased the adjoining property from the town last year and promised to build a mixed-use development with little retail.

The sale announced Friday marked the end of a tortuous mall battle that Desmond Ryan, executive director of the Association for a Better Long Island, described as “a long regional nightmare.”

Simon Property CEO David Simon said in a call with analysts Friday that “we are very interested in working with the Town of Oyster Bay . . . We’re going to work with the residents, come up with the development plan . . . We think there is an absolute way to create a win-win for the community and for us.”

“We are thrilled,” said Todd Fabricant, chairman of the Cerro Wire Coalition, which opposed the mall from the start. “We look forward to working with the new owner to redevelop the property with an alternate development concept that is supported by the community and the town.”

Town Supervisor John Venditto described the arrangement as “the right ending to a very long story. This is an example of the good things that happen when residents stand together with their elected officials to protect our quality of life. Going forward, the property will now be developed in partnership with local residents.”

Read the rest of the article at Newsday here.

Leave a Reply

Your email address will not be published. Required fields are marked *