In 1990, Michael Dubb's parents bought a condo at Waterways at Bay Pointe, the gated 55-plus community south of Montauk Highway in Moriches. Thirty-five years later, Dubb's company began building there. As founder and CEO of The Beechwood Organization, he told Long Island Business News that his family's history with the Waterways goes back that far. Beechwood is building 34 villa-style condominium homes for buyers 55 and over inside a community that was established in 1985 and already holds 346 homes.
These homes rest on a building right granted in the 1980s, and the courts later ruled that right was "granted for life." The 2025 deal that cleared the way for Beechwood covered only one of the three parcels that right applies to. Anyone buying into the Waterways this fall, whether a new villa or an older resale, is buying into a community whose final layout has not been settled.
The Price Has Already Moved
When pre-construction sales opened in January 2026, the villas were advertised from the mid-$600,000s. Each of the four models has two bedrooms, two to two-and-a-half baths, 1,485 to 1,938 square feet, and a one-car garage with interior access.
By mid-October 2026, the Beechwood at the Waterways project page showed this:
| Model | Status as of mid-October 2026 |
|---|---|
| The Andover | Sold out |
| The Barclay | Starting at $749,000 |
| The Caldwell | Starting at $720,000 |
| The Devon | Starting at $799,000 |
That means the lowest posted price in October is roughly $70,000 to $80,000 above the January starting figure, and one model is gone. Builders often price pre-construction lower to attract the first buyers, then raise prices as the first phase fills. A buyer pricing these homes off the January launch coverage is working from a number that is no longer posted.
Timing also matters. The Long Island Advance reported that foundation work began in November 2025 and that the first residents were expected to move in during fall 2026. Beechwood's own materials described first-phase occupancy as "late-2026." No public update has yet confirmed first closings, so a delivery date is a question for the sales gallery at 619 Water Way, not a given.
A Building Right Signed in 1986
The open parcel inside a community this old comes from a long chain of approvals, a bankruptcy and lawsuits. The Town of Brookhaven summarized it in the environmental assessment attached to its August 2025 Town Board packet:
- Early 1980s. Bay Pointe Associates owned about 98 acres between the Forge River and Ely Creek and proposed a retirement community of 538 units. The Zoning Board of Appeals granted height variances for three buildings of three stories, where the code allowed two and a half.
- 1986. The ZBA extended those variances with the words "approved for life of job."
- 1987. The Planning Board approved a site plan for 515 units.
- By 1995. About 228 units had been built. Bay Pointe then went into bankruptcy, and the undeveloped parcels were sold to Post Village, Inc. A 1997 settlement confirmed the site plan was still valid.
- 1997 to 2001. Waterways Development Corp. bought the remaining land and received permits for more than 100 more homes. In spring 2001, with only the three mid-rise buildings left to build, the Town denied the permits.
- 2003 to 2015. Litigation followed. At 2009 hearings, hundreds of residents, civic groups and the Peconic Baykeeper opposed the mid-rises, according to a 2012 state Supreme Court decision. On March 4, 2015, the Appellate Division upheld the ruling that the height variances "were granted for life" and sent the matter back to the Town to issue the permits.
That 1986 phrase is why these homes are being built now. A variance that would normally have expired years ago stayed tied to the project. Once the courts agreed, the remaining land kept its right to three-story buildings. That right was worth defending in court, and later worth trading away.
The Trade on Lot 2.090
Beechwood bought one of the three parcels, Lot 2.090. It is a 2.292-acre lot on the north side of the southern end of Bay Pointe Drive, opposite River Drive. On August 13, 2024, the company applied to build 45 units in a three-story building. The Town did not act on the application, and community opposition continued. Beechwood then sued.
On August 14, 2025, the Brookhaven Town Board voted unanimously to settle the case, Resolution 2025-509. Under the resolution, the settlement carries no financial cost to the Town. The terms explain why the new homes look the way they do:
- 34 homes instead of a three-story building with 45 to 48 units
- Two-story buildings no taller than 30 feet, compared with 34 feet 8½ inches for the approved mid-rise
- Four buildings holding 17 villas of two homes each
- 89 parking spaces: 34 garages, 34 driveway spaces and 21 off-street spaces
- Connection to the community's existing sewage treatment plant and public water main
- $1 million in improvements to existing amenities across Waterways at Bay Pointe
According to the Town's assessment, Beechwood worked with the Town, the homeowners association of Waterways at Bay Pointe and community members to address their concerns. In short, the settlement swapped the parcel's height for fewer homes plus amenity money for people who already live there. LIBN described the shift the same way, from a three-story apartment building to two-story condos. The amenities the money applies to are the clubhouse, waterfront pool and deck, tennis and bocce courts, private marina and walking trails.
Two Parcels the Settlement Didn't Touch
The 1987 approval left 145 unbuilt units in three mid-rise buildings, and each building sits on its own parcel:
| Suffolk County tax lot | Approved yield under the 1987 site plan | Treatment in the August 2025 settlement |
|---|---|---|
| 0200-854-4-2.090 | 48 units, three stories | Settled: 34 units, two stories, no taller than 30 feet |
| 0200-854-4-2.58 | 48 units, three stories | Not part of the settlement |
| 0200-855-3-3.5 | 49 units, three stories | Not part of the settlement |
Beechwood says the 34 homes are the first of three phases, with 100 homes planned in total inside the existing community. That plan points toward the other two lots, and the numbers fit. Lot 2.090 went from 48 approved units to 34 homes, and a similar reduction on the other two lots would bring the total close to 100.
The Town's 2025 documents identify Beechwood as the buyer of Lot 2.090 only. In those documents, the other two parcels still carry the 1987 approval for three-story mid-rises, and the August 2025 resolutions address Lot 2.090 alone. Phases two and three are Beechwood's stated plan. They are not part of that settlement.
What This Means Before You Sign
For a downsizer comparing South Shore options, this history leads to a few practical questions. They apply whether you are reserving a new villa or buying one of the 346 existing homes.
On a new villa: Ask for the current price sheet and what is included at that price, since the posted price has already gone up since launch. Ask for the expected delivery date in writing. The 2026 occupancy dates in public coverage are forecasts. Ask which of the three parcels your home faces, because the two unsettled lots could still hold three-story buildings if no new agreement is reached.
On a resale: The 2025 settlement directly affects existing owners. It commits $1 million to the amenities you would share. What exactly is being upgraded, and on what schedule, is not public, so ask the association and the seller's side for anything in writing. Also ask how the new homes will share the clubhouse, pool, marina and sewage treatment plant, and whether association budgets or charges are expected to change as more homes come online.
On both: The Town's assessment notes that Beechwood's project still needed site-plan approval from the Town Board. Condominium offering plans, association bylaws and settlement stipulations are legal documents. This post is general information, not legal or financial advice, so have a real estate attorney review those documents before you commit.
A home's price on our Moriches neighborhood page reflects what has sold. At the Waterways, value also depends on what has not been built yet, on two parcels whose approvals date back to 1987.
A Few Straight Answers
Is Beechwood at the Waterways a separate community?
No. The new homes are being built inside the existing gated Waterways at Bay Pointe community, which was established in 1985 and has 346 homes. They share its amenities, including a private marina, waterfront pool and clubhouse.
Could three-story buildings still go up inside the Waterways?
On two parcels, Lots 2.58 and 3.5, the 1987 site plan shows three-story mid-rises totaling 97 units, and the August 2025 settlement did not change that. Beechwood's three-phase, 100-home plan suggests a different approach, so ask the Town or the sales gallery about any newer filings for those lots.
What did existing owners receive in the 2025 settlement?
Under the August 2025 settlement, a three-story building on Lot 2.090 was replaced with two-story buildings no taller than 30 feet. Beechwood also committed to $1 million in improvements to existing amenities across Waterways at Bay Pointe.
If you are weighing a new villa or a resale at the Waterways, or you already own there and want to know how the new construction affects your home's value, I'm glad to go through the timeline and documents with you. Start with a home valuation, or reach out to Marina Putova and we will look at it together. Let's Connect.
