Business
GYRODYNE RECEIVES PRELIMINARY SUBDIVISION APPROVAL FOR FLOWERFIELD PROPERTY
ST. JAMES, N.Y., April 1, 2022 /PRNewswire/ -- Gyrodyne, LLC (NASDAQ: GYRO), an owner and manager of a diversified portfolio of real estate properties
About this update from Gyrodyne , Llc
[{"type":"text","content":"ST. JAMES, N.Y., April 1, 2022 /PRNewswire/ -- Gyrodyne, LLC (NASDAQ: GYRO), an owner and manager of a diversified portfolio of real estate properties (\"Gyrodyne\"), announced that on March 30, 2022, the Town of Smithtown Planning Board unanimously granted Gyrodyne's application for preliminary subdivision approval with respect to its Flowerfield property, subject to certain conditions including final approval of a stormwater pollution prevention plan, revisions as may be required pursuant to a SEQRA findings resolution adopted earlier and separation of common areas into separate lots. \nThe Smithtown Planning Board issued its approval of Gyrodyne's subdivision application after earlier that day adopting a findings resolution required under the State Environmental Quality Review Act, and then conducting a public hearing on the preliminary subdivision map. The SEQRA findings resolution was a prerequisite to adopting and approving the preliminary subdivision application, and established certain thresholds with regard to future development of the entire Flowerfield property, including but not limited to thresholds on sanitary discharge, traffic, cleared area and required vegetation. \nThe SEQRA findings resolution and preliminary approval of Gyrodyne's subdivision application reflect the Planning Board's consideration of over four years of public comment and review of voluminous analyses of economic and environmental impacts, including but not limited to traffic, sewage treatment and viewshed.\nPaul Lamb, Gyrodyne's Chairman, said, \"We are pleased by the Town's adoption of these resolutions as they are a critical gating factor in Gyrodyne's ability to both develop the Flowerfield property in a manner responsive to the community's interests and move the project forward to enhance shareholder value.\"\nThe findings resolution and preliminary subdivision application approval allow the subdivision application to proceed to its next phase of final subdivision approval, which includes securing Suffolk County Department of Health and Department of Public Works approvals (pending), New York State Department of Transportation approvals and final subdivision map approval from the Town of Smithtown. In this regard, Gyrodyne will be required to provide additional engineering analysis to the Town of Smithtown, Suffolk County and New York Stat...