Real Estate
Construction Approved For Town Of Hempstead Apartment Complex
The building is expected to have 23 apartments with a portion set aside as affordable housing.
OCEANSIDE, NY — An apartment complex has been approved by the Town of Hempstead Industrial Development Agency (IDA). A 23-unit transit-oriented building is planned for Oceanside, the IDA said in a news release.
The developer, S&S Atlantic Realty, was granted the economic incentives to begin construction on a vacant 1.2-acre lot at 418 Atlantic Ave.
The $5.1 million project will consist of 22 two-bedroom apartments and a single-bedroom unit. Additionally, 10 percent of all units will be deemed affordable workforce housing.
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It is within one-half mile from the Oceanside and East Rockaway Long Island Railroad stations.
"High-quality rental housing is in short supply in Oceanside. This project presents a compelling opportunity to provide quality, transit-oriented, for-rent housing to an underserved community while bringing in new revenues to taxing jurisdictions," Fred Parola, CEO of the IDA, said in a statement.
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Property taxes on the vacant site, now $52,166, will rise to $275,000 over the 15-year life of the PILOT(Payment in Lieu of Taxes) agreement.
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