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Riverhead inching forward.

Exciting plans for waterfront development in Riverhead, Long Island, New York are picking up momentum. On the north side of town, Spector Group Architects is proceeding with revised design for the first phase for the Hotel and multiplex movie theatre as authorized by owner Apollo Real Estate Advisors LLP.

The building includes retail, ancillary offices, mezzanine space and a health club along with the proposed 5-star Marriott Courtyard at the top. With the construction schedule speeding up, the site plan of the new hotel-theatre complex will be filed by summer, and the last operating store in the construction area is slotted to move out in September.

Connected to this building will be a new parking garage for 1500 cars to be designed and built in conjunction with the Town of Riverhead. Even the garage will be architecturally significant and in keeping with the character of the town, adding to the creation of a complete downtown revitalization. With the town's commitment to establishing a parking zone on town property, phase one of this revitalization will stimulate the local economy and soon fill the empty stores.

Phases two and three of the Master Plan focus on the waterfront side across the street. Its center is the historical zone, which is a total of 3-4 acres, ranging from Main Street to the waterfront esplanade. Within this area the East End Arts Council helps to preserve historic homes that were moved to downtown Riverhead for use as public space and cultural space that references the town's history. To either side of these historic homes are multiple properties that were all part of the original downtown and that are now 100% vacant. Negotiations are underway for Apollo Real Estate Advisors LLP to fairly purchase these properties from their owners to continue the redevelopment of the community. The Town of Riverhead government and town citizens are in favor and optimistic that revitalization will continue in this important area once a deal amenable to all parties is approved.

Preliminary plans for this property, in keeping with the town's character, include ground floor retail facing the waterfront and street with L-shaped wings that reach toward the water.
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Title Annotation:Special Report: Waterfront
Publication:Real Estate Weekly
Date:May 28, 2008
Words:359
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