WASHINGTON, D.C. – (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 $70 million transit-oriented apartment project in downtown Mineola. The project is expected to provide much-needed new housing opportunities in the County, new tax revenues, and provide a boost to businesses in downtown Mineola.
County Executive Mangano stated, “The new starter home for young professionals and families is an apartment and that’s why my economic development team and I have helped create more than 3,500 new housing opportunities countywide. This project brings additional housing options to the heart of Mineola while generating new tax revenues for local governments and millions in economic benefits for downtown shops and restaurants.”
Over the past the six years, more than 3,500 new housing opportunities have been created in Nassau County. Among these are 1,542 transit-oriented residential units, including 344 affordable units, which have benefited from direct assistance from the Nassau IDA.
The compact, approved by the IDA board at its September 27th meeting allows MCRT Investments, LLC – an affiliate of Mill Creek Residential Trust, LLC – to construct 192 total units, 19 of which will be affordable, in two four-story apartment buildings at 120 and 121/127 Searing Avenue. The project, in close proximity to the Mineola LIRR Station and the NICE bus hub, includes underground parking for tenants.
The project will provide a total economic benefit to the County of $98 million and generate $11.8 million in net tax benefits over the term of the compact for the village and other taxing municipalities. The properties had long been exempt from property taxes.
Construction of the apartment complex, expected to start following receipt of all approvals and take 30 months to complete, will result in the creation of 290 full-time equivalent construction jobs and, ultimately, result in the creation of six permanent full-time equivalent jobs. The project has been approved by the Village of Mineola.
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.
