Hearing on qualifications of developer proposing $117M project near Riverhead railroad station will take place Tuesday evening


The City Council will hold a public hearing Tuesday at 6:00 p.m. at City Hall on the appointment of RXR Realty and Georgica Green as qualified and eligible sponsors for the purchase and development of two acres of City-owned property on Court Street and the redevelopment of two state-owned parcels on Griffing Avenue.

RXR/Georgica Green Ventures, previously named by the city government as co-lead developers of a transit-focused development project near Riverhead Station, have proposed the construction of more than 270 homes, shops and a 332-space parking garage on the lots.

On the two-acre city-owned lot on Court Street, currently an above-ground parking lot, RXR/Georgica Green proposes a four- and five-story mixed-use building containing 243 apartments with a “podium” parking lot on the internal portion of the ground floor , lined with perimeter uses.

On the state-owned Griffing Avenue lot, which is also currently a parking lot, the developer is proposing to construct a mixed-use, multi-story building with 30 staff apartments, 332 parking spaces and retail outlets.

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The RXR/Georgica Green project was recommended by Riverhead’s DRI Local Planning Committee for $2.75 million in State Downtown Revitalization Initiative funding.

The Court Street development is estimated to cost $100 million and the Griffing Avenue development is estimated to cost $17 million, according to figures provided to the local planning committee by RXR/GGV.

What this hearing is about

Before the city can transfer or lease land in a designated urban regeneration area, such as the Railroad Avenue area, state law requires that the city’s governing body determine that the company to which ownership is transferred is a “qualified and eligible sponsor.” ” in accordance with rules and procedures adopted by the city after a public hearing.

Riverhead’s rules and procedures for determining whether a proposed buyer or lessee is a qualified and eligible sponsor, as last amended June 2017, establish the following criteria:

  • Experience of the individual, firm or entity in the development, construction, management and financing of projects of a similar size and scope to the proposed project;
  • demonstrated ability to fund the acquisition and development of a particular proposed project, including CDA’s review of the pro forma financial statements for the proposed project, including sources and uses of funds, certified personal and corporate financial statements of the applicant sponsor, financial commitments of the Lender participation, proposed security for the project, business plans and economic analysis of the project, and past compliance with local laws, rules and regulations.
  • demonstrated integrity and responsibility of the applicant sponsor, as determined by the CDA based on a reasonable investigation by the City Attorney and consistent with the case law, as set forth in the March 12, 2004 memorandum to Supervisor Phil Cardinale and City Attorney Dawn Thomas by Randolph Mayer, Willkie, Affirms Fair Farr & Gallagher, LLP;
  • Presentation of the Applicant Sponsor to the public at the required hearing, after reasonable notice at a public meeting of the CDA, which provides the Applicant Sponsor with an opportunity to present its proposal and its ability to meet the established criteria for designation by the CDA as a “Qualified and Eligible Sponsor pursuant to Section 507(2)(c) of Article 15 of the New York State General Municipal Law.”
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How to participate

The public can attend Tuesday’s public hearing in person at 200 Howell Avenue or via Zoom by calling (929) 205-6009 or at the following link:

https://us02web.zoom.us/j/84185586080?pwd=Y1dYV2xLZUUweFpYZFNhcUI2TStOZz09

Webinar ID: 841 8558 6080 Password: 866815

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The session can also be followed live on Optimum Kabelkanal 22 or on the city’s website.

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