The developer of innovative office suites at 30 W. Main Street has been granted a benefit package by the Riverhead Industrial Development Agency to provide incentives for proposed renovations to the building next door at 20 W. Main.
The IDA board approved property tax abatements and sales and mortgage tax exemptions tied to the developer’s progress in completing the planned staged renovation. Benefits will be “triggered” in thirds by completion of three phases of renovation and leasing — on the first, second and third stories of the building.
Developer Georgia Malone is buying the 5,600-square-foot, three-story building at 20 West Main, which is separated from her current holding by an alleyway, from Jerry Steiner, whose family has owned the building and operated Allied Optical Plan there for 40 years. Steiner, the son of Allied Optical founder Sol Steiner, is looking to retire.
At a public hearing last month, Malone told the IDA she is buying the building for approximately $600,000. Estimated renovation costs for 20 West Main are $253,800, she said.
Malone called the Allied building “the best location in downtown Riverhead” last month, but said it has not been well-maintained and is in need of a top-to-bottom renovation. It needs both structural and cosmetic interior work and would get a new facade, she said.
The survival of local journalism depends on your support.
We are a small family-owned operation. You rely on us to stay informed, and we depend on you to make our work possible. Just a few dollars can help us continue to bring this important service to our community.
Support RiverheadLOCAL today.
