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Apollo Falling?

December 16th, 2007 category: Downtown Riverhead, North Fork Neighborhoods, Real Estate Philosophy, Riverhead Real Estate

Condemnation possibilities were announced this past week in Riverhead.

The previous post on this topic has developed into an extended situation that can only now become more stagnant than ever. The Supervisor of Riverhead, Phil Cardinale, received a request from Apollo’s Vice President to begin condemnation procedures.

With this news the continuation of a long, protracted process for revitalization, in this authors opinion, is likely. The lawsuit that Riverhead Enterprises would file could take years to settle. Those types of stops in the condemnation process place the advancement for a reborn downtown into a holding pattern.

John Stefans in his article Apollo offer is rejected, closes his article with a glimmer of hope on the horizon, the possibility of arbitration to come up with a fair price agreeable to both parties.

“Condemnation through eminent domain of seven buildings in downtown Riverhead became more of a possibility Friday when Riverhead Enterprises, owner of the properties, formally rejected an offer by Apollo Real Estate Advisors to purchase them for its sweeping urban renewal project on the south side of West Main Street…Mr. Cardinale said Tuesday he hopes condemnation can be avoided and said he plans to ask both sides to agree to a mutually acceptable third-party arbitrator to arrive at a fair price.”

Was there anything unfair about the Apollo offer that was on the table? More information is needed. I wouldn’t be surprised if Sheldon Gordon and Riverhead Enterprises have an agenda that I do not yet have information on. “Going away” is not something that should be expected of this contingent.