Developers are looking for a 30-year-old PILOT for a project on the site of the old feather factory in Lynbrook | Herald Community Newspapers
Developers looking to build a $ 95 million, 201 unit apartment complex on the former site of the vacant Mangrove Feather factory have received preliminary approvals for economic incentives from the Industrial Development Agency of the Town of Hempstead as they look for a 30-year PILOT, or payment in lieu of taxes, deal.
Breslin Realty Development Corp. received approval from village officials in June to raze the industrial building across from Lynbrook Long Island Rail Road station, which has been vacant for more than a decade, and build a 278 transit-focused development 014 square feet. with 55 studios, 111 one-bedroom apartments and 35 two-bedroom apartments. Additionally, 10 percent of units must be designated as affordable housing for the workforce, for individuals or families at or below 130 percent of the region’s median income. Workforce housing generally includes those who are generally not eligible for affordable housing programs.
“The whole community is eagerly awaiting the demolition of this run-down horror,” said Mayor Alan Beach. “We are delighted that the developer is completing its final steps to begin modernizing and expanding our downtown area. “
Under a potential PILOT, the annual tax rate will be frozen at around $ 185,000 for three years, then rise to $ 200,000 in the fourth year and over $ 1 million in the 15th year. At the end of the 30-year period, taxes will be $ 1.8 million, if approved by the Town of Hempstead IDA Board of Directors.
Fred Parola, IDA’s chief operating officer for the town of Hempstead, said the board believed the apartment complex would be a perfect fit for the village for a number of reasons, including its proximity to the LIRR, the lack of impact on schools and potential benefit to downtown businesses.
“Overall this looks like a pretty solid project,” said Parola, “and one that will benefit the village of Lynbrook, its residents, and increase economic activity for the people who live there.”
David Orwasher, Breslin’s development director, said he hopes IDA will approve the PILOT deal so construction can begin early next year.
“We are looking to move forward with IDA,” he said. “Everything is not yet final, but this is an extraordinarily expensive project that we believe will contribute to the revitalization and sustainability of activity in the town center of the village. What is not traditional is that we do not seek tax cuts. We will maintain the current taxes and simply slow down the rate of growth. It’s going to be a huge increase in tax revenue for everyone. “
Orwasher added that the project would generate jobs and economic activity, and that he hoped to get IDA approval and start razing the building by the first quarter of 2022. The construction process is expected to take two to four hours. two and a half years.
The first two floors of the building will house a parking garage, with 205 parking spaces for residents. Facilities will include a retail cafe, club room, concierge, rooftop patio with grill, lounge, party room and dog park. Experts also estimated that due to the large number of studios and one-bedroom apartments, six to 19 school-aged children would likely be added to the neighborhood.
The site has been dormant since 2008, and several village administrations have sought to develop it, but it took many years to convince the owner, Barry Singer, to sell the property. Orwasher said he thinks the site is a great location because of its proximity to the Long Island Rail Road station and downtown shops and restaurants. Breslin negotiated with Jordan Baruch and Matthew Kucker of Colliers International, who negotiated the deal.
Orwasher said the developers were attentive to the needs of the community while entering into discussions with IDA.
“We are very concerned about being good neighbors, good corporate citizens and contributing to the vitality of the region,” he declared. “Taxes will likely increase seven to ten times over time. It will be an important and important income generator. “
To learn more about the project, visit restore4347broadwaylynbrookstation.com.