$1.5B Riverhead Resorts Proposal Leaps Forward

RIVERHEAD, NY-Riverhead Resorts LLC, a partnership of Bayrock Group LLC and Baldragon Homes Ltd., is one step closer to building the massive recreational project on the 755-acre former Grumman site here. The project was selected by the Riverhead Town Board over a competing proposal. A source close to the deal tells GlobeSt.com that exclusive negotiations for property, where the $1-billion to $1.5-billion project will rise, will now commence.

The project, which was originally estimated to cost at least $500 million and now double, will be centered around a 90-acre man-made lake. A 350-foot to 400-foot indoor ski slope and indoor water park will be designed to operate through the four seasons. Other features include hotels, timeshare housing, a spa, an equestrian center, a seaport, farmer’s market, and a 100,000-sf exposition hall.