Billionaire landowner Stefan Soloviev is moving forward with two major development proposals on the North Fork, an area where they already control more than 1,000 acres.
Soloviev’s Crossroads Atlantic LLC filed an application for a new waterfront project known as the Cole Harbor conservation subdivision on the heels of submitting a revised version of the large-scale Colusa conservation subdivision.
The two projects would introduce new luxury housing in Cutchogue and neighboring communities while preserving significant portions of farmland under the Town of Southold’s conservation subdivision framework. Both proposals are now moving through early stages of review by the Town of Southold Planning Board.
Together, the developments are among the largest recent land-use initiatives on the North Fork and highlight the growing debate over how to balance farmland preservation with residential growth in the Town of Southold.
Cole Harbor
The Cole Harbor conservation subdivision, which covers about 148 acres along Oregon Road in Cutchogue and Mattituck, would create 13 residential waterfront lots along the Long Island Sound, ranging from about 0.8 acres to 3.2 acres, plus a 0.4-acre beach access lot. The waterfront homes would be served by a 25-foot-wide access road extending northwest from Oregon Road. As part of the project, 87 acres of farmland would be preserved. Currently, about 124 acres of the project are being used for agriculture.
RELATED: Southold Greenlights Cutchogue Subdivision
The application, which was submitted Feb. 27, 2026, asks the Planning Board to begin a “sketch-plat” review, or an initial review of the conceptual site plan.
The parcels in the proposed subdivision include 4455, 4545, 5205 and 5855 Oregon Road.
As of mid-March, the proposal had not been scheduled for review, according to the Planning Department.
Colusa
Earlier in February, Crossroads Atlantic submitted a revised sketch-plat application for the significantly larger Colusa conservation subdivision, following the original plan submission in 2025. The corrected plan incorporated a number of changes requested last fall by the Planning Department.
The 372-acre conservation subdivision, which extends from Cutchogue into Peconic, would create 47 new residential lots plus a beach-access lot while preserving 267 acres of farmland. The proposed project, which abuts the Long Island Sound, would include 18 lots fronting the sound.
The property includes 7750 and 8850 Bridge Lane and 27615, 27625, 28225, 28155, 20879, 29575, 27455, 26285 and 26385 County Route 48. The proposal is for a 75/75 conservation subdivision, which means it would preserve 75% of the property while reducing the number of residential lots by 75%.
Check out the revised sketch-plat application for the proposed Colusa conservation subdivision.
In a letter sent to the applicant in October, the Planning Department indicated that the application did not comply with town code and was not consistent with or in conformance with the Southold Town Comprehensive Plan for multiple reasons. The letter itemized required changes.
According to a Planning Department report from the March 3 application work session review, the corrected proposal now complies with town code except for some needed clarifications, and the corrected plan “is now more in line with the goals of the Southold Town Comprehensive Plan in that it better designed to support agriculture in the future.”
Design changes were implemented to minimize the intrusion of residential uses into the farmland, including the reconfiguration of the residential lots and the removal of a spur road through the middle of the farmland. Further, the farmland was split from one large farm – which was deemed not economically viable for the future – into three farms, each with a farmhouse lot.
The next step is for the proposal to proceed to a State Environmental Quality Review Act (SEQRA) evaluation. Following the SEQRA determination, the project would likely proceed to a public hearing.
Part of a Much Larger Land Portfolio
Both projects reflect the scale of Soloviev’s expanding presence on the North Fork. The billionaire investor controls more than 1,100 acres across the towns of Southold, Riverhead, and Shelter Island, the vast majority of which is agricultural property. Soloviev Group properties include iconic East End landmarks like Peconic Bay Vineyards and Santa’s Christmas Tree Farm in Cutchogue and the Chequit Hotel in Shelter Island.
The Soloviev Group’s agricultural business operates nationwide, managing farmland across several U.S. states while maintaining a growing presence on Long Island.
The proposals come at a time when the North Fork is experiencing increased interest from wealthy buyers seeking large estates and rural waterfront properties. Recent high-profile transactions included a record-setting $23.5 million purchase of 17 lots totaling 110 acres in East Marion, reportedly by billionaire Marc Rowan, CEO of Apollo Global Management.
As interest in the region grows, local officials and residents continue to debate how to balance farmland preservation with development. Conservation subdivisions, which cluster housing on a portion of a property while preserving the majority as open space, were adopted by the Town of Southold a couple of decades ago as a compromise designed to protect farmland while allowing landowners to retain some development value. Supporters argue the system protects agriculture while accommodating limited growth. But critics worry that large subdivisions could gradually transform the rural character that has defined the North Fork for decades.
With the revised Colusa proposal nearing formal review and the Cole Harbor project newly submitted, both developments are likely to significantly impact debate in the months ahead.
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