Hempstead Industrial Development Agency grants preliminary approval for 63-units at 54 and 58 W. Jamaica Ave.

Valley Stream, NY Frederick Parola, chief executive of the town of Hempstead Industrial Development Agency (IDA) said the agency granted preliminary approval to economic development benefits for a proposed transit-oriented rental housing project at 54 and 58 W. Jamaica Ave.

The developer of the $30.57 million, 63-unit apartment project, West Jamaica Holdings LLC, was granted the preliminary okay for the economic benefits at a meeting of the IDA on Sept. 21.

West Jamaica Holdings is owned by Alex Rivero, CEO of Paramount Construction.

The site, formerly housed a funeral home and a vacant single-family house and is located just one block from the Valley Stream Long Island Rail Road station and two blocks from the downtown business district.

The project, which has all village approvals except for a building permit, is subject to further IDA review, a public hearing, and a final authorizing resolution. The project is expected to generate 50 construction jobs and 1.5 full-time-equivalent permanent jobs. Construction is expected to take 28 months.

“This project has the ability to help energize the Village of Valley Stream’s downtown business district while at the same time bringing much-needed rental housing to the town,” said Parola.

The IDA has been at the forefront of helping to resolve the Long Island housing crisis by aiding rental apartment projects throughout the Town. Currently, there are a half-dozen pending projects, including Bishop Carter, before the IDA that ultimately could bring almost 500 additional rental units to the Town.  Since the beginning of 2022, the iDA approved 10 rental housing projects with an aggregate of 1,568 apartments.