The entities behind the 52-unit Summerwind “workforce housing” apartment complex proposed for downtown Riverhead are nearing a date on which they can close on the property and move forward with construction, one of the partners told the News-Review.
The county, which is also involved in the project, is now awaiting an OK from the lender, Bridgehampton National Bank, to set up the closing, said Riverhead Councilwoman Jodi Giglio, who is also a partner on the project along with Riverhead architect Martin Sendlewski and Jamesport builder Ray Dickhoff.
“The bank tells the county that we’re ready to close and then we sit down and close,” Ms. Giglio said. “I’m hoping it will be in the next couple of weeks.”
Suffolk County’s involvement is required because the county in 2010 approved about $1.9 million in subsidies needed to make the program affordable.
The proposed four-story building will include varying retail uses on the ground floor, and 52 affordable apartments, now commonly referred to as workforce housing, on the top three floors, according to Ms. Giglio. The nonprofit Long Island Housing Partnership will manage the selection of applicants for the apartments and determine whether they comply with income guidelines for workforce housing.
Once the developers get the green light, they will begin the demolition of the old Club 91 building on Peconic Avenue to make room for Summerwind, which will be built on that lot, the vacant lot to the south of it, and the lot containing a small building just north of Club 91.
County officials could not be immediately reached for comment, but Ms. Giglio said they have been “110 percent cooperative,” and are “looking forward to this closing as much as the bank and the partners because they know it will be great for downtown Riverhead.”
Editor’s note: An earlier version of this story contained inaccurate information as to what items were needed before a closing date could be set.