Mineola Complex to Provide Much-Needed Housing for Young Professionals, Senior Residents
New York, NY – August 3, 2012 – (RealEstateRama) — Nassau County Executive Edward P. Mangano and the Nassau County Industrial Development Agency today announced the approval of an economic development compact for a proposed $93 million complex in downtown Mineola that will provide much needed housing for working young professionals and affordable housing for seniors.
The compact, approved by the IDA board on July 23, will allow Mill Creek Residential Trust to construct a five-story, 275-unit, apartment building at Old Country Road and Willis Avenue in Mineola known as The Winston. In addition, Mill Creek will build a four-story, 36-unit, building on Front Street and Roslyn Road in Mineola known as The Churchill with 36-unit senior affordable apartments. These projects, close to the Mineola LIRR Station and bus terminal, will replace several functionally obsolete office buildings and vacant land.
“These state-of-the-art residences will create much needed work-force and commuter housing for Nassau County’s young professionals and provide much needed affordable housing that will allow the community’s senior population to live out their golden years in Nassau County,” County Executive Mangano said. “This project, close to Mineola’s downtown shops and restaurants and Central Nassau’s dense concentration of employers, retail and cultural venues, will generate economic activity throughout Nassau County.”
Nassau County is expected to reap economic benefits from the project of more than $97 million over the 20 years following the completion of construction, which is expected to take 24 months.
In addition to providing new housing options at a time when many people are looking to rent due to the housing crisis, the project will create 338 construction jobs, six new permanent full-time equivalent jobs.
“We would not be able to do this deal without the assistance of County Executive Mangano,” said Maria Rigopoulos, a regional director at Mill Creek.
“Without this project the empty buildings and land on these sites would continue to be blights on the surrounding neighborhood,” said Joseph Kearney, executive director of the IDA.
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, from Arizona Iced Tea and Sleepy’s Mattress to Cold Spring Harbor Labs and Grumman Studios. For more information, please visit www.nassauida.org or call (516) 571-1945.
