Another Long Island downtown will soon undergo a major revitalization and transformation project.

Later today, Riverhead town officials will kick off a highly anticipated project to transform its waterfront and downtown.

"A flagship downtown revitalization project designed to breathe new life into the heart of our community," Riverhead Town Supervisor Tim Hubbard wrote in a press advisory announcing today's event.

The $32.6 million project has been years in the making.

In 2021, the town demolished two long-blighted buildings across from the Suffolk Theater, including 117 and 121 East Main St. The first steps of the project opened up a view of the Peconic River.

Then, in September, Riverhead paid $170,000 to acquire Craft'd at 127 East Main St. through eminent domain after the owner settled with the town. Over the years, the town has obtained other properties as well.

With the pieces in place, the town selected J. Petrocelli Development Associates to come up with a master plan.

Once done, J. Petrocelli tells News 12 the project will include a five-story, 78,000-square-foot mixed-use building with 80 hotel rooms and 12 condominium units, along with restaurant and retail space and 12 underground parking stalls.

The town said the project will feature landscaped green spaces, an amphitheater, a public playground and walkways reconnecting Main Street to the water.

Riverhead Town Supervisor Tim Hubbard and the rest of the town board are hosting a ceremony at 127 East Main St. from 12 p.m. tp 2 p.m. today.