DAN'S PAPERS, February 15, 2008 Page 48 www.danshamptons.com
Riverhead: New Proposals, New Hurdles Riverhead, which in colonial times was the seat of power, is a community looking forward, with many ambitious projects before the Town officials. At one time so attractive that it enticed Ben Franklin, Thomas Jefferson, George Washington and James Madison to embark on the long stagecoach ride to visit and see the sights, Riverhead is hoping to recreate its vibrancy. Last week, the Riverhead Town Board passed a proposal from Vintage Square Properties LLC to move forward
with its plan to build a combination parking garage, multiplex movie theatre and some commercial space on land located between the Railroad Station and the New Supreme Court complex. At issue is the financing of the $70 million dollar project. At the meeting, officials of Vintage convinced the board that their financing is real and competent, although not completely in place at the moment. Supervisor Philip Cardinale expressed that it was important to give Vintage an “opportu-
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If owls are nesting, developers are in trouble.
nity� to be in a position to sign a contract. In a phone interview, Cardinale said that he hopes the officers of Vintage Square Properties can meet the mandated June 15, 2008 date for signing. Edwin Tuccio, a Riverhead resident and businessman who owns 16 commercial properties in Riverhead, said that, while he believes Cardinale, “is doing an excellent job,� he feels that financing will be a problem for all of the projects. Tuccio also applauded The Apollo Real Estate Advisors attempt to build a $40 million urban renewal project in Riverhead, although it too has its hurdles. He believes they will have an advantage moving forward in terms of projected cash flow. With the construction of the new Supreme Court Complex, the possibilities for downtown are endless. But nursing these projects into contract has kept Cardinale very busy, and a new issue has reared its head. It is possible that the land in Calverton where the indoor ski and water park project is proposed to be developed may be a nesting site for the endangered short eared owl. This has thrown a new red flag in front of that project, which could yield the town $155 million in revenue. The Supervisor finds the timing of the discovery of this problem suspicious. Now that the State Department of Conservation is involved, anything can happen, but delay is a guarantee. The DEC must prove the owl exists and is nesting in the area. However, Cardinale is glad to see so many oars in the water when it comes to urban development for Riverhead. Tuccio supports Cardinale’s painstaking efforts to bring these projects to fruition, thus bringing jobs prosperity to parts of downtown Riverhead. Although many retail storefronts are presently vacant, many residents are enthusiastic about the new feel of downtown Riverhead. If all three projects are constructed, millions of dollars of consumer spending could flow to Riverhead. The indoor water park and ski resort proposal could yield the Town of Riverhead over $155 million in revenue that will be used to retire the Town’s $60 million debt and reduce town taxes by perhaps 55%, according to Cardinale. He believes lower town taxes will invigorate the residential real estate market in the town as well. Only time will tell whether Riverhead, the gateway to the forks, will shine again. Tuccio, whose family has been in the real estate business in Riverhead, “for over 150 years,� is rooting for that. “I love the people, I love the Town,� he said. “I am optimistic. Its tough now, but I am optimistic.� Cardinale echoed those sentiments, adding that it is an uphill but worthwhile battle. – T.J. Clemente