Nassau County IDA approves $77 million transit-oriented project; Mineola Metro to construct 266-unit apartment building

Mineola, NY Nassau County executive Edward Mangano and the Nassau County Industrial Development Agency’s (IDA) revealed the  approval of an economic development compact for a proposed $77 million transit-oriented apartment project in the downtown. The project is expected to provide much-needed new rental options in the county and provide a boost to businesses in downtown Mineola and western Nassau. “My economic development team and I have helped create 1,350 new transit-oriented housing options.  This project, in the heart of Mineola, brings additional housing opportunities while generating millions in economic benefits for downtown shops and restaurants in Mineola and Garden City and Central Nassau’s concentration of employers, retail and cultural venues,” said Mangano. Over the past five years, the Nassau IDA has assisted in the construction of 1,350 new residential units, including 325 workforce and affordable units. This compact allows Mineola Metro - an affiliate of Lake Success-based Lalezarian Properties - to construct a 266-unit apartment building at 199 2nd St. The project includes 27 affordable apartments, underground parking, ground-floor retail space and a village green - all near the Mineola Long Island Rail Road Station and the NICE Bus hub. A Citibank branch and parking lot will be razed to allow for construction of the 311,500 s/f horseshoe-shaped project. The replacement structure is estimated to generate nearly $32 million in economic benefits for the County, $5.8 million in new taxes, over 20 years. Construction of the apartment complex, expected to start in February 2016 and take 21 months, will result in the creation of 160 full-time equivalent construction jobs and, ultimately, result in the creation of 18 permanent full-time equivalent jobs.  The project has been approved by the Village of Mineola, which also supports the economic development compact. Joseph Kearney, Executive Director of the IDA, said, “This project will help meet the substantial unmet demand for affordable housing as well as market-rate rentals in Nassau County. Moreover, it will further the Village of Mineola’s downtown revitalization efforts.”