Soloviev proposes new North Fork subdivision as billionaire land rush accelerates
Billionaire Stefan Soloviev has proposed a 148-acre conservation subdivision along Oregon Road in Mattituck and Cutchogue — the latest deep-pocketed land owner looking to change the North Fork landscape.
The project, filed by Soloviev-owned Crossroads Atlantic LLC on Feb. 27 under the title “Cole Harbor Conservation Subdivision,” would add 13 beachfront homes along the Long Island Sound while preserving 87 acres of farmland.
The proposal comes on the heels of another Soloviev bid — the 372-acre “Colusa Conservation Subdivision” across Cutchogue and Peconic that would create 47 new residential lots — along with last month’s record-setting $23.5 million sale of shoreline property in East Marion to Apollo Global Management CEO Marc Rowan, the priciest land deal in North Fork history.
The latest Soloviev plans include 13 beachfront residential lots along the Long Island Sound ranging from 0.83 acres to 3.17 acres, one 87-acre conservation lot and one 0.42-acre beach access lot, according to planing documents. A road would extend northwest from Oregon Road through the conservation lot to serve the residential lots at the shore line.
Roughly 124 acres of the property are already used for agricultural purposes, according to planning documents. There are no moderate income family dwellings proposed in the application.
The Cole Harbor plans have been in the works since April 30, 2025, when developers met with the Planning Board for a presubmission conference and Land Preservation Committee.
The Soloviev Group has also proposed a separate 372-acre conservation subdivision across Cutchogue and Peconic that would create 47 new residential lots while preserving 267 acres of surrounding farmland. That project, listed under the title “Colusa Conservation Subdivision,” could be worth hundreds of millions of dollars when completed, The Suffolk Times previously reported.
The Suffolk Times reached out to Martin Finnegan, a former town attorney now representing Crossroads Atlantic LLC, for comment.
In a 2017 interview with The Suffolk Times, Mr. Soloviev said he planned to “build some high-end homes and then operate the rest of the farmland” on the North Fork properties he’d acquired.
Conservation subdivisions, which preserve a majority of acreage while allowing development on a portion of the land, were codified by the Town Board in 2006 with the goal of preserving agricultural lands while protecting landowners’ equity.
Crossroads Atlantic LLC, founded in 1999, operates on 400,000 acres producing crops across Colorado, Kansas, New Mexico, Texas and New York. As of September 2019, Mr. Soloviev owned more than 1,100 acres of land on the North Fork.
The Cole Harbor and Colusa applications are joined by the decade-old conservation subdivision proposal for 112 acres of Tuthill family land in Orient. The Tuthill proposal hit some roadblocks in January, however, as updated federal flood projections and fire safety requirements complicated the development.
A separate $23.5 million, 103-acre land sale along the Long Island Sound shore in East Marion — including 69 acres of land protected by Peconic Land Trust easements — was recently finalized by Rowan, who has an estimated net worth of more than $10 billion. Plans for the East Marion land have not been publicized.
