Riverhead in Contract on Downtown Square Project
Riverhead Town has signed a letter of intent to buy two buildings on East Main Street, along with an option to purchase a third building, to foster the development of a new town square.
Riverhead Town Supervisor Yvette M. Aguiar, the Riverhead Town Board and Director of Community Development Dawn Thomas announced the action in a press conference Thursday morning at the site of the former Swezey’s Department Store.
The town has signed a letter of intent to purchase 117 East Main Street, the site of the former Swezey’s Furniture Annex for $1.25 million and 121 East Main Street, the site of Twin Forks Bicycles, for $950,00 along with the option to purchase 127 East Main Street, the site of the Craft’D cocktail bar, for $2.65 million.
“Today, we are moving Riverhead forward and entering a
renaissance” said Ms. Aguiar. “Our vision of connecting East Main Street to the Riverfront, will be presented at a public hearing at town hall scheduled for July 21, 2020 at 2:05 p.m.”
Under former Town Supervisor Laura Jens-Smith, Riverhead Town had applied for consolidated state funding for the project totaling $4.6 million, with the town matching the funds to the tune of $1.45 million, in July of 2019.
In February of this year, Riverhead Town announced it had received an $800,000 grant from the state, while the Long Island Science Center received a $775,000 grant to redevelop the adjacent Swezey’s property as a new as a state-of-the-art science education center.
The state grants were awarded through the Long Island Regional Economic Development Council.
“The town is expected utilize public private partnerships to leverage existing town owned property to complete the project,” according to the town’s announcement Thursday.
Calling the acquisition “a heart transplant,” Dawn Thomas, Director of Community Development, said the Revitalization and Town Square project will “create a public space for all town residents including family friendly activities and outdoor activities.”