The university, one of Long Island largest employers, plans todevelop the site as the Stony Brook University Research andDevelopment Campus. The first building to be completed would be theapproximately 123,000-sf Center for Excellence in WirelessInformation Technology, which would be completed in 2007. Followingthat construction, the master plan calls for nine additionalresearch and development buildings that would be constructed over a10-year period. The total for the project site would beapproximately 830,000 sf. Stony Brook also plans to construct adedicated roadway providing vehicular access to the campus viathree existing entrances.

For its part, Gyrodyne, based in nearby St. James, says it"remains committed to achieving Flowerfield's highest value for itsshareholders." The Flowerfield property is also the subject ofapplications to develop a luxury residential golf course communitywith 336 home sites.

"The University has been threatening to condemn our property forsome time now and, with reference to their statement regarding anegotiated purchase, has never made an offer with regard to thisannouncement," says Gyrodyne president Stephen V. Maroney The abuseof power to condemn and impede the approval of our applications isevident to all of us at Gyrodyne and to many others in thesurrounding community."