Venture capital group Calverton Aviation and Technology has agreed to follow through on its $ 40 million proposal to purchase more than 1,600 acres of property in Enterprise Park in Calverton, Riverhead officials have confirmed.
The venture capital group – made up of aviation company Luminati Aerospace LLC and Edmonton, Canada-based developer Triple Five Group – had a May 19 deadline to notify Riverhead if it was moving forward with its proposal to purchase the property to convert it into space to expand Luminati’s aerospace operations.
Riverhead supervisor Laura Jens-Smith announced at the Riverhead City Council working session on Thursday that the venture capital group had sent City Attorney Bob Kozaciewicz a letter dated May 15 confirming it was proceeding with the sale.
âThey have completed their due diligence and have exercised to move forward with the sale,â Jens-Smith said.
Representatives for Calverton Aviation and Technology did not respond to requests for comment.