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RIVERHEAD, NY-Three years after beating out two competing development teams to develop a high-tech industrial park here, Rechler Equity Partners said Tuesday it would not extend its contract to acquire 300 acres at the Enterprise Park at Calverton. In a release, the Melville, NY-based owner-developer, a Long Island mainstay for the past half century, cites a sluggish economy and a town board that the company sees as unwilling to adapt to the changing economic landscape.   “The town board had an opportunity to ensure the future of a more vibrant Riverhead,” managing partner Gregg Rechler says in the release. “Unfortunately, their inability to understand the economic fundamentals of a successful project forced us to withdraw our offer on this property before the Friday deadline.”


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