Jericho, NY According to Nassau County executive Edward Mangano, the Nassau County Industrial Development Agency (NCIDA) has approved an economic development compact for HSRE-EB Jericho LLC, which intends to build a Bristal Assisted Living facility at a cost of $125 million.
HSRE-EB, a partnership of Garden City-based Engel Burman Group and Harrison Street Real Estate Capital LLC, plans to construct a 336,000 s/f, 280-unit facility on vacant land at 300-310 Jericho Tpke. 140 units will be traditional assisted-living apartments and the remainder will be specially designed for residents suffering from the onset of dementia and other memory loss conditions.
The Bristal plans to hire approximately 90 full-time-equivalent employees within three years of the facility’s completion. Construction will result in the creation of about 150 full-time-equivalent construction jobs during an 18-month period.
Mangano said, “This project will help to meet the growing needs of a segment of the population who are no longer able to live alone while enhancing their quality of life.”
The project will have a positive tax benefit for Nassau County and other taxing jurisdictions of $22 million and is expected to have a total economic impact of $337 million on Nassau County. In addition, Engel Burman is gifting 8.5 acres of undeveloped land at the 10-acre site to the Town of Oyster Bay to be preserved forever.
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