Hicksville, NY The Nassau County Industrial Development Agency (NCIDA) has approved a transaction for Premiero Cherry LLC for the construction of a multi-family housing project at 33 and 37 West Cherry Ln. The 35,365 s/f building will be on an-unused 0.4-acre parcel and will contain 20 rental units. This project represents a $10 million investment into the community and is set to create two full-time equivalent (FTE) jobs with annual salaries of $55,000, as well as 100 construction-phase jobs.
“Producing new, quality housing opportunities for Nassau residents is crucial for our continued economic success and this new development will help do exactly that,” said Nassau County executive Bruce Blakeman. “Thanks to the Nassau County IDA, this project — which is part of the larger revitalization efforts happening in Hicksville’s downtown — will also help support local businesses that will provide goods and services to the development’s new residents.”
Of the 20 rental units, five will be one-bedroom apartments and 15 will be two-bedroom apartments. Three of the apartments are designated as workforce and rents will be tied to a percentage of the area’s median income. The building will also include 30 parking spaces, a roof deck, dog runs and landscaping amenities. Given its walking distance to the Hicksville Long Island Rail Road station, this development will also attract and benefit commuters to New York City.
“Giving residents new opportunities to call Nassau County home is a significant mission of the Nassau County IDA and we are proud to support this project that will create new housing options for the region,” said NCIDA chairman William Rockensies. “Retaining our residents is what keeps us stable, but attracting new ones is what drives us forward. This development will be a lure for many individuals given its prime location within a bustling Nassau County downtown.”
Hicksville is in the midst of undergoing revitalization efforts with help from the Town of Oyster Bay. Funding and zoning application changes have been brought to the area to create a renaissance in the community’s downtown, helping to greatly bolster its economy and the quality of life for its residents. This project will help these efforts along by bringing in additional revenue streams.
“We are excited to be a part of Hicksville’s economic and cultural revitalization,” said Ishmeet Singh, one of the principal owners of Premiero Cherry LLC. “This project is sure to play a role in the enhancement of the area’s downtown and the revenue of its local businesses, both of which we are proud to support. We thank the IDA for helping us to make this project a reality.”
Along with the revenue boost it will provide to local businesses, this project will also have significant tax benefits to the area. Currently, the parcel generates $15,604 in yearly property taxes. After its 20-year PILOT, the completed project will generate approximately $144,700 in taxes per year.
“Given that this land was providing very little benefit for the community in its vacant state, this type of project is exactly what IDA’s were designed to support,” said NCIDA CEO and executive director Sheldon Shrenkel. “Once this project is complete, the financial benefits it will provide, whether that be in the form of taxes or downtown revenue boosts, will be substantial. We are proud to support a project that is set to do so much for its current and future residents as well as its community overall.”
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