WASHINGTON, D.C. – December 20, 2013 – (RealEstateRama) — Nassau County Executive Edward P. Mangano today announced the approval of an Industrial Development Agency (IDA) economic development compact that will allow Bedford Construction Group, a Valley Stream developer, to rescue an abandoned and incomplete affordable housing opportunities and retail space in New Cassel. The project, which began in 2005 and then was halted, is expected to be complete within six months. The project includes the completion of 12 apartments, seven affordable and five at market rate, in an underserved community.
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County Executive Mangano stated, “With this economic development compact, we put a troubled past behind the project and clear a new path for the future while addressing the overwhelming demand for affordable rentals in Nassau County.”
The economic development compact allows Bedford Construction to acquire a property in New Cassel, located at 839 Prospect Avenue, and complete the renovation of six mixed-use buildings containing apartments and retail space. The company will finance the project with an estimated $800,000 and other funds provided by the United States Department of Housing and Urban Development (HUD) to Nassau County. Once complete, the project is estimated to generate $3.5 million for in economic benefit for Nassau County while helping improve the local community.
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.
