Nassau County's Vibrant Economy is Continuing to Attract Investors and Developers

Nassau County's vibrant economy is continuing to attract investors and developers from across the nation. The county's real estate market is robust and successful transactions are being recorded weekly. Many of Long Island's local banks are lending on properties when others have ceased. With its active real estate market and economy, Nassau County seems like the only place to invest. Long Island's impressive abundance of office and retail centers offer real estate investors room to develop and grow their profits. Unlike Manhattan's limited amount of space for expansion, Nassau County is a stern competitor to the sky scarpers of New York City. Continuous construction projects and developments are taking Nassau County's real estate market to the next level. The latest completion of the New Cassel Revitalization project has generated global attention. This project was a $60 million initiative to spur the local economic market though improvements in the Prospect Avenue area. Nassau County and the Town of North Hempstead, along with the local community initiated the development process in 2003 as part of the town's New Cassel Vision Plan and focused revitalization projects by combining government resources. The three completed locations include new condominiums, rental apartments, commercial space, a senior housing complex and a brand-new 4,500 square foot park. The local community is actively pursuing efforts to bring businesses back to New Cassel in an effort to accommodate a growing local economy. The project was funded through the HOME and CDBG funds, which consisted of contributions made by Hempstead's local government agencies. Nassau County contributed more than $1.6 million to fund this particular project, proving the strength of the county's economy. The Grow Nassau Fund provided monies for the construction of the commercial space. Another ongoing construction project is the redevelopment of Nassau County's Hub. This development encompasses the area in and around Nassau Collisium, Eisenhower Park, Roosevelt and Source malls, the Nassau County government offices in Mineola, Hofstra University and Nassau Community College. Efforts are under way to improve transportation options and land use strategies that will further advance access and mobility, promote economic development and enhance the quality of life for Long Islanders. Besides constant development, Long Island is working towards becoming one of the world's cleanest counties. Nassau county executive Tom Suozzi has sought to make sure that the fight to reduce the "carbon footprint" of Nassau County is more than just a slogan. Nassau now controls the largest municipal fleet of "alternative fuel-vehicles" in the state, outside of New York City.  Over 20% of the county government's electrical needs come from environmentally friendly "renewable energy" and it has established the first "ethanol" fueling station on Long Island.  By purchasing Nassau's electricity from wind power, using new "bio-diesel" fuels throughout the county's diesel fleet, and investing in energy-efficiency, Nassau County has actually reduced its government's "carbon footprint" by more than 5% since 2005. Aside from government efforts, local developers are building greener office buildings and retail centers. The City of Glen Cove is embracing the efforts of the RexCorp Glen Isle Partners. The developers are in the planning stages of their $100 million Glen Isle waterfront development project. The construction is expected to bring 860 residential units, a 250 suite luxury hotel, 50,000 s/f of office space, 25,000 s/f of retail and restaurant space and 20 acres of public park and waterfront space to the community. Both the public and government support for this project has been unprecedented, proving the substance of the county's economy. Groundbreaking on the Glen Isle project is expected to begin in 18 months. The impressively vibrant state of Nassau County's real estate market attracts investors from all over the world. From global multinational firms to local investors, everyone wants to own a piece of Nassau County because it truly pays back dividends to its investors. The strength of the local economy, especially during a time of change for the entire country speaks volumes about Nassau County's economy. If you're interested in purchasing or selling real estate on Long Island, a great place to turn to is American Investment Properties, Inc., which prides itself on being immersed in Long Island real estate. Ron Koenigsberg is the president of American Investment Properties, Inc., Garden City, N.Y.