Developer Downsizes Riverhead Redevelopment Project By 44 Percent

Suffolk, NY (AHN) - Apollo Real Estate Advisors, the developer of the Riverhead redevelopment project, will downsize the project by almost half, but in the process would speed up its construction timetable.

The $120 million facelift project includes a 90-room hotel, a six-screen cinema and around 10,000 square feet retail space. The project was supposed to cover 207,000 square foot, but Apollo had scaled it down to 116,107 square feet.

Kevin Davis, an Apollo partner, told Newsday, "We've scaled back and revised the size of the building substantially... It's 56 percent of the size that we presented in October 2006."

Apollo also revised the design for the building facade from a modern look to a traditional brick design with glass accent to blend with the character of Riverhead's downtown.

With lesser work to do, construction pace would step up. The last standing retail store must temporarily close shop by September, while existing stores on North Main Street would be torn down starting November. Construction begins January 2009 and is expected to finish by June 2010.

Riverhead plays host annually to the Long Island Blues Festival every summer and the Polish Festival. Its other attractions include the Atlantis Marine World, a train museum, Splish Splash Water Park and the Tanger Outlet Mall.