The Southampton Village 43-acre community of Olde Towne is now coming together after nearly a decade in the making.
Developer Bob Gianos purchased the former farmland—where the first English settlers in Southampton lived—for $33 million in 2006 with a plan to subdivide it and sell vacant lots with plans for custom homes. The neighborhood would offer a shared green and flowering meadow plus beautiful landscaping throughout, including 2.5 miles of privet and more than 400 mature trees planted there beginning in 2009. It was said to be the biggest transplantation of mature trees in history. Properties went on the market, then the Great Recession hit and the real estate bubble burst.
In 2013, Gianos sold Olde Towne to Cold Spring Harbor’s Kean Development Company, which took over the project, began selling properties and built the 16,000-square-foot Twin Peaks on one of the 4-acre parcels and put it on the market for $45,000,000 fully furnished. Lot 8, which was listed for $11 million, previously sold.
This past week from the air, the view of one completed property gave an idea of how Olde Towne will look once all 10 estates are finished.