Listen to this articleAfter Heatherwood Luxury Rentals received economic incentives from the Town of Riverhead Industrial Development Agency last week, the developer is planning to move ahead with its $82 million mixed-use project on East Main Street.
The Commack-based developer plans to construct a five-story, 238,342-square-foot building on the 1.42-acre vacant site once occupied by a Sears store at 203-213 East Main St.
The project will bring 52 studios, 80 one-bedroom and 33 two-bedroom market-rate apartments over about 5,700-square-feet of retail space. Amenities will include a clubroom, fitness center and rooftop terrace.
The Heatherwood development would be constructed next door to another five-story mixed-use development called Riverview Lofts, which was completed in March 2021. That $56.8 million project, from Jericho-based Georgica Green Ventures, brought 116 affordable apartments over 12,000 square feet of commercial space, where about 6,500 square feet is occupied by Peconic County Brewing.
The Heatherwood project will generate about 150 construction jobs and three permanent jobs, according to its IDA application. Once completed, the development, which was approved by the town board in Oct. 2023, is expected to generate some $7.5 million in annual economic output to the town.
The planned development is another in a series of successful downtown revitalization projects that Riverhead has welcomed in the last several years. Construction is projected to take from 24 to 36 months to complete, however, the developer is still awaiting some approvals before work can begin.
“The IDA approval was a meaningful step in the entitlement process,” said Sean Sallie, Heatherwood’s senior director of planning and development. “There is some more work to do before we can put a shovel in the ground, and we are hopeful that we can get there.”
Heatherwood also received economic incentives from the Town of Hempstead IDA for its $212 million mixed-use development in West Hempstead, which like its Riverhead project, also replaces a former retail use. The two-building, 481,089-square-foot complex is currently under construction on the 9.4-acre former site occupied by National Wholesale Liquidators at 111 Hempstead Turnpike.
The West Hempstead transit-oriented development will bring 428 apartments and 5,575 square feet of retail space. Amenities will include indoor and outdoor fitness areas, golf simulator, gaming lounge and bar, and a 2-acre landscaped courtyard and that project is expected to be completed in 2027.
