Riverhead to apply for Pro-Housing funds for The Vue apartments
Riverhead Town officials held a special town board meeting Thursday, July 24, to approve a resolution to apply for state funds that would aid Georgica Green Ventures in infrastructure costs for the company’s five-story apartment proposal on the corner of West Main Street and Sweezy Avenue in Riverhead.
The Jericho-based development firm, who also built the Riverview Lofts on East Main Street, is looking to construct a 133-unit, market-rate apartment complex called “The Vue” on 426 W. Main St. with 25 studios, 83 one-bedroom apartments and 25 two-bedroom apartments. Additionally, 78 parking spots are included in the site plans for the ground floor, as well as restaurant and retail space on the first floor of the development, which overlooks the Peconic River.
As a state-certified Pro-Housing community, Riverhead Town plans to submit a Consolidated Funding Application (CFA) to the Empire State Development Corporation for this “pass-through grant” of up to $3.6 million.
This money would be distributed to Georgica Green Ventures to offset the cost of necessary sewer, water and electrical infrastructure needed to construct the project. The town would not incur any costs through this process or have to provide any matching funds.
Governor Kathy Hochul’s Pro-Housing Communities Initiative aims to recognize and reward local governments committed to building more housing. It allocates up to $650 million each year in discretionary funds for these communities and as of today, 273 municipalities across the state are certified Pro-Housing Communities.
The town received two sizable grants totaling $1.5 million at the beginning on this year through this same program that will aid in its downtown revitalization efforts, including infrastructure upgrades to The Suffolk theater and construction of the riverfront amphitheater.
“It really would be a nice bookend to downtown [Riverhead],” said Dawn Thomas, Riverhead Town’s community development administrator. “[This] would make that project a reality, which we think is a good one.”
