- 12/31/07 - 10K is Available
- The Gyrodyne 2007 - 10K is now available for download in the Investor section.
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- 01/09/07 - Development Plans
- Gyrodyne announces its plan for the development of an age-restricted luxury residential community at a 67-acre prime location it owns. The proposed project aims to eliminate...
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Developer requests rezoning change
Reprinted with permission from Real Estate Weekly
Gyrodyne Company of America, Inc. announced that it has petitioned the Town of Smithtown in Suffolk County, NY for a change in zoning classification so that the company can pursue development of an age-restricted luxury residential community at a 67-acre prime location it owns.
Gyrodyne plans to develop a community that would feature 39 single-family homes, 60 townhouses and 210 condominiums. Living space would range from 1,600 s/f for the smallest condominiums to 2,800 s/f for detached single-family homes.
Amenities would include a clubhouse with recreation facilities, pedestrian and bicycle paths, and extensive landscaping. Prices are currently expected to range from $850,000 to $1.45 million per home.
The company has engaged the firm of Platt Byard Dovell White Architects for design work. The firm enjoys an outstanding reputation for designing attractive residential and commercial properties. Leading the project will be Sam White, FAIA, a partner at the firm who is known specifically for his proven ability to blend historic context into new architecture.
The petition asks for the zoning of approximately 62.4 acres to be changed from "light industrial" (approx. 55.5 acres) and "residential (approx. 6.9 acres) to "planned residential."
Another 4.3 acres of the property owned by the Company, while already zoned as "residential," would remain undeveloped. Total amount of open space remaining after development is expected to exceed 40 acres.
As indicated in the petition, Gyrodyne plans to remove the industrial buildings currently in use at the appropriate time.
According to an analysis obtained by the company, the local road traffic caused by the residential development would be lower than the levels attributed to the current industrial operations.
The development also would have a positive impact on the municipal tax base, while the age-restricted nature of the community would not affect the local school population.
The company estimates that 100 construction jobs and 15 permanent jobs would be created by the project.
Gyrodyne's proposal replaces its previous plan, developed with substantial public input, to develop what had been a much larger property as a luxury golf course community. In 2005, the State of New York on behalf of Stony Brook University seized 245 acres through eminent domain.