Riverhead gets $500,000 state grant for downtown revitalization

09/02/2010 12:00 AM |

Riverhead Town was recently awarded a $500,000  state grant for Main Street revitalization efforts, the town’s community development office announced Thursday.
Half the money, which will come from the state Office of Community Renewal’s Main Street grant program, will be used for restoration of the long-shuttered Suffolk Theatre on East Main Street. That grant must be matched by at least $167,000 from owner, Pike Realty President Robert Castaldi, a number he said the company will have no problem reaching.
“The New York Main Street grant will allow Pike Realty to undertake the restoration process in a more expeditious and grandiose manner,” Mr. Castaldi said in a release.
The remaining $250,000 will fund building renovations in the downtown area. Business owners in the Riverhead Business Improvement District can apply for portions of the money to reimburse 75 percent of building costs.
“The Town of Riverhead greatly appreciates the assistance of New York State in helping downtown Riverhead reach its full economic development potential,” said Riverhead Supervisor Sean Walter.
To date, Riverhead Town has been awarded $900,000 in Main Street funding from the state.
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