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.
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.
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.”
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