WASHINGTON, D.C. – November 11, 2015 – (RealEstateRama) — Nassau County Executive Edward P. Mangano today announced the Nassau County Industrial Development Agency’s (IDA) approval of an economic development compact for a proposed $77 million transit-oriented apartment project in downtown Mineola. The project is expected to provide much-needed new rental options in the County and provide a boost to businesses in downtown Mineola and western Nassau.
County Executive Mangano stated, “My economic development team and I have helped create 1,350 new transit-oriented housing options. This project, in the heart of Mineola, brings additional housing opportunities while generating millions in economic benefits for downtown shops and restaurants in Mineola and Garden City and Central Nassau’s concentration of employers, retail and cultural venues.”
Over the past the five years, the Nassau IDA has assisted in the construction of 1,350 new residential units, including 325 workforce and affordable units. This compact, approved by the IDA board at its November 9th meeting, allows Mineola Metro – an affiliate of Lake Success-based Lalezarian Properties – to construct a 266-unit apartment building at 199 2nd Street. The project includes 27 affordable apartments, underground parking, ground-floor retail space and a village green—all in close proximity to the Mineola Long Island Rail Road Station and the NICE Bus hub. A Citibank branch and parking lot will be razed to allow for construction of the 311,500-square-foot horseshoe-shaped project. The replacement structure is estimated to generate nearly $32 million in economic benefits for the County, $5.8 million in new taxes, over 20 years.
Construction of the apartment complex, expected to start in February 2016 and take 21 months, will result in the creation of 160 full-time equivalent construction jobs and, ultimately, result in the creation of 18 permanent full-time equivalent jobs. The project has been approved by the Village of Mineola, which also supports the economic development compact.
Joseph Kearney, Executive Director of the IDA, said, “This project will help meet the substantial unmet demand for affordable housing as well as market-rate rentals in Nassau County. Moreover, it will further the Village of Mineola’s downtown revitalization efforts.”
About the Nassau County IDA
The Nassau County Industrial Development Agency consists of a team of professionals whose mission is to promote the economic welfare and prosperity of Nassau County. It is a resource for businesses in Nassau County and those considering relocation. The IDA provides assistance to businesses interested in relocating, expanding and financing new investments. It has provided assistance to a wide range of companies including Hain Celestial, Publishers Clearing House, Arizona Iced Tea, Dealer Track Technologies and Sleepy’s Mattress as well as Cold Spring Harbor Labs and Grumman Studios. For more information, please visit www.nassauida.org or call 516-571-1945