Riverhead hires counsel to inspect EPCAL deal amid financial concerns

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RIVERHEAD -

The Riverhead Town Board on Thursday decided to hire outside counsel to take a look at the deal to sell over 1,600 acres of the former Grumman site in Calverton to mega-mall developer T5 and partner Luminati Aerospace.

A contract is in place for the partners to purchase the property for $40 million. But the Town of Riverhead says it's concerned about the recent financial collapse of Luminati, which has a 25% stake in the property and was considered a principle player in the site's development.

Town Supervisor Laura Jens-Smith calls the developer's plans for the land vague. But some board members are still in favor of the plan.

Kathy McGraw is part of a Riverhead group called EPCAL Watch, which has been keeping a close eye on the deal. The group also raises concerns about the undeveloped and environmentally sensitive land. McGraw calls it a bad deal for Riverhead, both financially and environmentally.

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