A special Riverhead Town Board meeting will be held Thursday to consider funding for a proposed $2.5 million Main Street development that would include a large food market and food court.

Michael Butler, a Sag Harbor resident, would be the developer of the project at 103-105 E. Main St. in Riverhead. Butler purchased the old Woolworth’s building at 126-138 Main St. in 2013 and transformed it into 25,000 square feet of retail space on the ground floor and 19 apartments on the second floor.

Butler said Wednesday he will be seeking an application today for funding for the proposed Downtown Riverhead Food Market and Production Center from the New York State Main Street Grant Program. According to its website, the grant program provides funds to local governments and not-for-profits for projects that contribute to the revitalization of historic downtowns, mixed use neighborhood commercial districts and village centers.

“The grants usually cover about 20 percent of the project cost and the rest would come from banks and private investors,” Butler said. The building, which has been vacant for about 10 years, is the site of a former boating supplies store and supermarket.

Riverhead’s Community Development Director Chris Kempner said Wednesday that the project would complement the new restaurants and other businesses that are part of the downtown revitalization.

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“It would be a great balance with the other investments,” Kempner said.

The meeting will be held at 9:45 a.m. in the town board meeting room, 200 Howell Ave.