Two Projects Granted Tax Incentives from Riverhead IDA

Tim Gannon, Staff Writer
Riverhead News-Review
riverheadnewsreview.com

“Two projects received tax incentives from the Riverhead Industrial Development Agency Monday, and two others began the process of applying for them.  

In addition to approving tax abatements for a hard cider facility on Sound Avenue and a proposed restaurant and hotel on East Main Street, the IDA heard informal presentations from two proposed downtown apartment complexes seeking tax abatements.”

PECONIC CROSSING

Representatives of Peconic Crossing — another proposed “workforce housing” apartment complex in downtown Riverhead — made an informal presentation at Monday’s IDA meeting.

In March, the project received site plan approval from the Riverhead Planning Board for a 45-unit affordable apartment complex, three less than originally proposed, at the site of the Long Island Science Museum. Peconic Crossing also plans to give leasing preference to artists and to have an art gallery within the building.

A joint venture between Conifer Realty of Rochester and the Community Development Corporation of Long Island, Peconic Crossing plans to buy the LISC building and demolish it.

The LISC would use the money from the sale to buy property elsewhere for the museum.

The museum would have nine months from the closing of the sale to find another location and Conifer Realty would assist in that search, according to Conifer vice president of development Allen Handelman.

An IDA public hearing on the project is set for June 6.”