5 Things to Know About the Vintage Square Proposal

1. The proposal includes two development areas, the "Vintage Square" on Railroad Avenue near the courts and "Vintage Village on the Peconic," a mixed-use development on the south side of Main Street in downtown Riverhead.

2. The project on Railroad Avenue will include a multiplex, 750 car garage, retail space and a "high-end restaurant" on the roof of the buildings, according to Village Square Group CEO John Burke. The Main Street development will include restaurants and a village plaza.

3. "Vintage Square" will hold for 150 apartments, while the "Vintage Village on the Peconic" area will include room for 250 apartments. A percentage of the apartment units would be used as work force living space or affordable housing.

4. Burke estimates the project will cost about $140 million to build, and said that the ALF-CIO Housing Investment Trust may finance the project.

5. This isn't the first time the Village Square Group have proposed a project. "Village Square at Riverhead," a smaller project focusing on the Railroad Avenue area, was given the designation it needed to purchase town land in an urban renewal area from the previous Town Board, according to a report from the Riverhead News-Review. However, the current administration didn't renew the designation when it expired in 2010.

Both the old and new plans would need the Village Square Group to buy land along Railroad Avenue and Main Street. The Apollo Group previously attempted to buy the land along Main Street to build its own development, but could not strike a deal for the properties. The Apollo Group is now to developer Ron Parr to build a multiplex downtown.