Hempstead IDA give preliminary OK to benefits for Valley Stream office to apartment conversion

Valley Stream, NY Fred Parola, CEO of the town of Hempstead Industrial Development Agency (IDA), said the IDA granted preliminary approval to a package of economic development incentives that will assist a developer in gut-renovating an office building in into a rental apartment complex.

The IDA granted the preliminary approval for the incentives in the form of an inducement resolution for The Promenade 360, LLC, owned by Vassilios Kefalas, at its meeting on April 16. The benefits package is subject to further IDA review, a public hearing, and a final authorizing resolution.

The developer plans to renovate 360A W. Merrick Rd., an existing 13,549 s/f building on 0.38 acres. The renovation will include 15 apartments, a retail component of 517 s/f, and a common area of 1,801 s/f. The unit mix will be comprised of one studio, nine one-bedrooms, five two-bedrooms, and one retail space.

The $4.7 million project, which is expected to take 12 months to complete, will result in the creation of 20 construction jobs and one part-time permanent position.

“This proposed project, if finally approved, will ultimately increase the community’s tax base while adding to the town’s growing stock of much-needed quality rental housing,” Parola said.

The developer with the aid of the IDA has developed two other projects in Valley Steam: The Promenade Central, 43 N. Central Ave., and the Vantage at Roosevelt, 50 Roosevelt Ave.