Town Breaks Ground On New Rt. 58 Retail Development

A new shopping center is coming soon to Route 58 in Riverhead, right near Riverhead Raceway.

A groundbreaking ceremony was held with members of the Riverhead town board and Saber Real Estate Advisors to welcome Dick's Sporting Goods, Christmas Tree Shops andThat! and four other new stores to town.

With construction on the final buildings in the new, 119,000 square foot retail development slated to commence, the new shopping center is expected to open later this year.

Development began on the project in 2010; other shops set to open include Buffalo Wild Wings, ALDI, Five Below, and Starbucks. 

“We are honored that so many major retailers want to make Riverhead their home,” Riverhead Town Supervisor Sean Walter said. “These projects will benefit the residents of Riverhead in the form of tax revenue, economic development, and job creation, allowing us keep local taxes in check.”

There are currently two other major retail developments underway along Route 58 in the Town of Riverhead, Costco at The Shops at Riverhead and Super Walmart.

“We were able to move this project forward in record time because of the preparation and cooperation of the Town of Riverhead,” said Martin G. Berger, managing principal at Saber Real Estate Advisors. “They already had the existing zoning, traffic, and environmental studies in place and their assistance, knowledge, and support truly helped to make this project a reality in short order.”

With 90 percent of the properties pre-leased, the Town of Riverhead could anticipate that the real estate tax revenue would increase from roughly $55,000 per year to over $600,000 a year, Saber reps said. Additionally, the new stores – and the construction of the buildings – are expected to bring hundreds of jobs to the area.

“Being able to benefit the residents and the community – both from an economic standpoint, as well as a consumer standpoint – was extremely important to us,” Berger said.

“We would like to thank Saber Realty for working cooperatively with the adjoining community and by addressing the concerns of local residents during the review process of this application,” Walter said. “Being a good neighbor will certainly add to the success of the stores that will soon be opening at this location."

To that end, Saber erected a sound barrier between the shopping center and Glenwood Village, a retirement community located behind the development, to help mitigate noise from the site and from the Raceway. 

Both DICK’S Sporting Goods and Christmas Tree Shops andThat! will be open in November 2013.  The remaining stores will open during the first quarter of 2014.  

“This project really is the culmination of the comprehensive plan for County Route 58,” said Berger. “It’s another sign that Riverhead is well on its way to recovering from the Great Recession and we’re proud to be a part of that revitalization.”