News: Long Island

Hempstead IDA approves benefits pact for Sunrise Assisted Living facility in Oceanside

Oceanside, NY Fred Parola, CEO of the Town of Hempstead Industrial Development Agency (IDA), said the  agency approved a package of economic development benefits for an assisted living facility proposed by Sunrise Senior Living in Oceanside.

The IDA approved the benefits at its meeting on Oct. 25th for Sunrise of Oceanside NY Propco, LLC, an affiliate of McLean, VA-based Sunrise Senior Living, which plans to build an 84-unit facility on a vacant site at 374 Atlantic. Ave. Sunrise has 12 assisted living facilities on Long Island, including two in the town of Hempstead in Lynbrook and East Meadow.

The 77,330 s/f building will have 34 one-bedroom/studios and 50 two-bedroom units, plus 52 on-site parking spaces. The project would provide assisted living, memory care and coordination of hospice care among other services.

The $48,395,133 project is expected to generate 150 construction industry jobs and 55 full-time permanent jobs within two years of the project’s completion in about a year.

The town Board authorized a zone change in 2020 and the town board of appeals granted variances for the project earlier in 2022.

“There is a strong need for assisted living facilities in Oceanside as well as neighboring communities,’ said Parola. “This project will allow older residents to remain in the community with their friends and families.”

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The evolving relationship of environmental  consultants and the lending community - by Chuck Merritt

The evolving relationship of environmental consultants and the lending community - by Chuck Merritt

When Environmental Site Assessments (ESA) were first part of commercial real estate risk management, it was the lenders driving this requirement. When a borrower wanted a loan on a property, banks would utilize a list of “Approved Consultants” to order the report on both refinances and purchases.