City Council will vote to approve the final site plan for the five-story mixed-use building at the corner of Osborn Avenue and Court Street on Wednesday, making it the first project in the Long Island station area Railroad to receive full approval since the City began its revitalization efforts in the area last year.
The development, known as 205 Osborn, will feature 37 market-priced rental apartments – 24 one-bedroom units, 10 two-bedroom units and three studios – above offices on the ground floor. The $19.6 million project was proposed by Huntington-based G2D Group and will be built on the vacant property that once housed a crumbling old medical practice next to the Riverhead Free Library.[See prior coverage: Blighted building demolished to make way for new development at 205 Osborn Avenue]
Council granted approval for the project’s preliminary site plan in February, after holding a public hearing on December 7.[See prior coverage: Town board grants preliminary site plan approval to 5-story building on Osborn Avenue]
The project was the first proposed in the Railroad Avenue overlay district, allowing for increased density and a greater variety of uses to encourage new development in the area surrounding Riverhead Station. The superimposed district was adopted by the city council in January 2021.
The city also adopted a transit-oriented development plan to guide the revitalization of the area, which houses the state court buildings and offices, and began searching for a lead developer. The City Council named RXR and Georgica Green Ventures as lead developers for TOD in February. Developers proposed to build a mixed-use apartment building on the site of a city-owned parking lot across from the state Supreme Court building — and across from the site at 205 Osborn Avenue — with a public square on the side facing the train station. The project is one of ten considered by a local advisory committee to receive funding under the Downtown Revitalization Initiative grant awarded to Riverhead this year.
The lead developer also proposed a five-story parking garage with six levels of parking for the corner of Griffing and Railroad Avenues. The garage would be approximately 130,000 to 160,000 square feet in size and provide 420 to 520 parking spaces.
City Council will also vote to extend the Riverhead Parking District to the property. A June 7 public hearing on the extension elicited no comment.
The developers are also seeking financial assistance from the Riverhead Industrial Development Agency, including an improved 10-year property tax abatement, as well as a mortgage tax and sales/use tax exemption. The promoters said the project “would not be financially feasible” without IDA assistance. At last week’s council business session, Chris Kent, a lawyer for the developer, said they expected IDA to approve financial aid for the project at the next meeting on the 11th. July at 5 p.m.
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