Community Development Corporation of Long Island

Rochester-based developer Conifer Realty, which partnered with Community Development Corporation of Long Island, today celebrated the completion of Peconic Crossing, with ribbon-cutting ceremonies and the grand opening of a first-floor art gallery being managed by East End Arts.

The new workforce housing rental apartment development in the final stages of construction on West Main Street drew 20 applications for every available apartment. The developer held a lottery today in Riverhead Town Hall to rank the applicants.

Peconic Crossing, which plans to build 48 rent-regulated apartments in downtown Riverhead, was awarded nearly $5.5 million in state funding. The project is in the final stages of review by town planners and the developer hopes to break ground by the beginning of 2016.

Thirty-three of the 48 units must be affordable to households 60 percent of area median income or less. The maximum household incomes would be: $44,150 for one person; $50,450 for two people; $56,750 for three people; and $63,050 for four people. Six units must have a cap of 50-percent of median income. Nine will be rented 'at market rate.'

A Rochester real estate company and the Community Development Corporation of L.I. want to build 48 affordable rentals on the L.I. Science Center's West Main Street site under same "Blue River Estates" site plan drawn by architect Martin Sendlewski for Simshabs Capital Partners in 2013.