Calverton Innovation Hub Market Report & Economic Benefits Analysis

JLP+D served as strategic development and economic advisor for the Calverton Aviation & Technology LLC to help the firm plan and execute an exemplary repurposing of this unique site. JLP+D produced a real estate market report and economic benefits analysis to evaluate the current highest and best use(s) for the Enterprise Park at Calverton under existing zoning and other regulations and assess job creation, economic output, and compensation potential of two buildout scenarios. The report examined pertinent documents related to the site’s prior use and dispossession, case studies and best practices of other aviation and manufacturing-related clusters, and state, regional, county, and local initiatives and policies relevant to the potential development of the site.

JLP+D investigated policy, economic development, and funding priorities of the Riverhead and Suffolk County IDAs (Industrial Development Agency), Empire State Development’s Regional Economic Development Council, and other public agencies to identify potential synergies and alignments that would unlock greater economic and public benefits. The firm examined the site’s context through a market assessment and analyzed revenue-generation potential for aviation-related uses on the site.

JLP+D outlined challenges the developers faced in repurposing this site including economic and population trends and housing affordability and diversity, and identified strengths and opportunities to attract tenants that would utilize the site’s unique mega-scale, buffered location, and existing infrastructure for a number of technology sectors. Additionally, the team outlined a potential programming mix to create and support functions of a 21st-century industrial innovation hub.