November 12, 2018
A venture led by Triple Five Worldwide will purchase a 1,643-acre undeveloped parcel that formerly held a U.S. Navy facility, with the long-term goal of creating a next-generation aerospace cluster. The venture, which received approval last week from the Riverhead Town Board to buy the parcel, intends to leverage billions of dollars of private investment over the next decade.
“We believe working in partnership with New York State, the local community, Suffolk County and the federal government, we can restore Long Island’s aerospace heritage along with the associated high-tech manufacturing job base—a monumental task formerly thought to be impossible,” said Triple Five’s Stuart Bienenstock.
The Calverton Aviation & Technology Hub will anchor emerging industries around the next generation carbon and composite production lines of Luminati Aerospace, one of the venture’s founding partners. The venture also plans to invest in advanced electric motor and drive sub-systems needed for electric aviation.
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