Sag Harbor condo project could return from the dead

August 26, 2011 12:50PM

A Sag Harbor luxury condominium project approved after two years of deliberation in 2008, but then subject to lawsuits over the approval and the global recession, is showing signs of life, the Sag Harbor Express reported.

Cape Advisors, the developers of a planned $100 million, 65-unit luxury apartment building at the old Bulova Watchcase Factory at Church and Division streets, along with seven adjacent townhouses that contain 16 units total, a pool, a recreation center and underground parking, met with the Sag Harbor Village Planning Board this week to push the project forward.

Founder Craig Wood said that construction could begin as early as the fall if the board were willing to modify the terms of its initial approval, including adjusting the schedule for the promised $2.5 million payment to a housing trust in lieu of including affordable housing in the project. He said that would be critical to Cape Advisors’ attempt to land a construction loan. Wood also wanted to change agreements regarding crossing guards near the project and the second letter of credit following the initial bond.

Wood urged the board to act quickly, as the developers lost two financiers during the two-year approval period before 2008. According to the Express, the village planning board is also keen on seeing the project come to fruition. [Sag Harbor Express]