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The town code the trustees must follow cannot keep pace with the mad dash for the dwindling supply of developable waterfront and the rampant renovation of what is already built.
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Not only is the site on one of the last developable waterfront tracts in Greenwich, but demolition of the plant has already started.
In response a group of residents, the Independent Coalition for a Better Edgewater, is campaigning for the borough to acquire the last developable waterfront parcels and preserve them as open space.
Up to 50 of these hundreds of developable sites will be allocated to the chosen developer partners, who will be selected by November and number between three and six.
Since only a small amount of developable land is released each year by councils, developers compete entirely at the point when they are buying land, rather than at the point when they are selling the homes they build.
A lot of development sprawls outward instead of upward, we're running out of developable land and housing is at a premium.
And unlike markets like Atlanta and the Inland Empire in California, Long Island did not experience a rush of new warehouse development before the recession, primarily because of the shortage of developable land.
This and other factors effectively inflated the cost of developable land.
He said his company retained more than 200 acres of developable land in the metropolitan area.
(Because the area is hemmed in by mountains, there is a limited amount of developable space).
The city instead awarded 1.45 million square feet of developable land to LinkedIn.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com