Thank you for sharing!

Your article was successfully shared with the contacts you provided.

RIVERHEAD, NY-Riverhead Resorts LLC contract with the town here was approved, following consideration of the draft contract and the Qualified and Eligible Sponsor evaluation in which the Riverhead Town Board determined it has the financial capability and qualifications to develop its proposed $1-billion to $1.5-billion project. The proposed project is a multiple-themed destination resort plan for the 755-acre former Grumman property designated by Riverhead Town on the Enterprise Park Calverton. The town approval authorizes the town supervisor to sign the contract negotiated with Riverhead Resorts over the past several months.

“Riverhead Resorts is thrilled to have satisfied this prerequisite and can now move forward with the engineering and environmental work which are the foundation of project and site development,” says Don Secunda Esq. of Weber Law Group, counsel to the project. Secunda tells GlobeSt.com that he expects that within about two to three years, all the permits for construction should be secure and construction can begin. “Not only are we confident that this project represents the highest and best use for this property but the down payment and community benefit payment which will be released to the town in 2008 are the first of the tremendous economic outcomes this project represents for the town and region.”

The completion of the QES process and the contract authorization allow the project to proceed with the detailed environmental studies and to initiate the State Environmental Quality Review Act including active community participation. Riverhead Resorts developed its project concept based on environmental parameters before its proposal to the town. The project team first outlined environmental protection zones for Pine Barrens, tiger salamander habitat, and other wetland and surface water features. Multi-modal on and off site transportation planning for staff and the extended stay guests will reduce traffic impacts bringing visitors and workers to the site utilizing a variety of transportation modes. Guest transportation is provided to regional attractions including Riverhead shopping, entertainment and museum destinations, regional wineries, and East End beaches and locales expanding the economic impact and benefit of the year-round, extended-stay business and family guests from the metropolitan area, 100-mile northeast region, national and international air traveler markets.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.