Nassau IDA assists Bedford Construction Corp. to acquire New Cassel property

According to Nassau County executive Edward Mangano, an Industrial Development Agency (IDA) economic development compact has been approved that will allow Bedford Construction Group, a Valley Stream developer, to rescue an abandoned and incomplete affordable housing opportunities and retail space. The economic development compact allows Bedford Construction to acquire a property located at 839 Prospect Ave., and complete the renovation of six mixed-use buildings containing apartments and retail space. The project, which began in 2005 and then was halted, is expected to be complete within six months. The project includes the completion of 12 apartments, seven affordable and five at market rate, in an underserved community. "With this economic development compact, we put a troubled past behind the project and clear a new path for the future while addressing the overwhelming demand for affordable rentals in Nassau County," Mangano said. The company will finance the project with an estimated $800,000 and other funds provided by the United States Department of Housing and Urban Development (HUD) to Nassau County. Once complete, the project is estimated to generate $3.5 million for in economic benefit for Nassau County while helping improve the local community.