Developer outlines 94‑room downtown hotel, parking plan and financing needs
Applicant counsel Eric Russo and developer Joseph Petrocelli described the Peconic River Hotel as a 94‑room, five‑story project with nine under‑building spaces and additional leased parking in the parking district; they said construction cannot start until East End Arts buildings are relocated and that the team is negotiating financing and seeking PILOT and tax exemptions.
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At the Oct. 5 Riverhead IDA hearing, attorney Eric Russo said the project was originally filed in November 2025 and has since been modified to a 94‑room hotel with the condominium component removed. He described the site as roughly 18,840 square feet (0.42 acres) on East Main Street and said the application requests a PILOT, mortgage‑recording tax exemption and sales/use tax exemptions.
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