After the Sag Harbor Village Planning Board granted changes to its original 2008 approval, Cape Advisors?the firm responsible for the condominium project at the former Bulova Watchcase?announced that funding could come through in a matter of weeks.
Of the more notable amendments involved the scheduling of the $2.5M payment to the Sag Harbor Community Housing Trust, a change deemed crucial to move the project forward. Originally, the firm was required to make much larger payments. The new agreement allows his firm to spread them out over the closing sales of each of the 65 units within the condo project.
payoff payment, made in lieu of providing on-site affordable housing, was one of the most hotly debated issues during the project's review by the village three years go. The board was fearful of undermining the fund, but did not want to put the long-delayed project at risk. According to planning board chairman Neil Slevin, "This was not a completely easy decision to make."
· Deal Secures Luxury Condos at Former Bulova Watchcase Factory [Sag Harbor Express]
· All Previous Bulova Watch Factory Coverage [Curbed Hamptons]