Nassau IDA approves economic compacts for two redevelopment projects proposed by Staller Associates

According to Nassau County executive Edward Mangano, the Nassau Industrial Development Agency (IDA) has approved economic compacts for two major redevelopment projects considered vital to the revitalization of the downtown area. The projects, proposed by Hauppauge-based Staller Associates, will bring 53 additional transit-oriented rental apartments to the town and inject $11 million into the local economy. Since taking office, the Mangano administration has helped create over 970 new housing opportunities in Nassau County. "My administration has made it a priority to create new ways in which to assist families, seniors, and young adults with housing options," said Mangano. "Since taking office, my administration has helped create 970 new rental housing opportunities in Nassau County. This project, close to the downtown shops and restaurants of Farmingdale, brings much-needed rental options for our residents while generating millions in economic benefit for our local economy." The projects - expected to create 110 full-time equivalent construction jobs and 10 new full-time equivalent permanent positions - include a site at 231 Main St., where a mix of 26 apartments residential and stores totaling 3,100 s/f will be constructed on the site of vacant retail space. The other, consisting of 27 apartments, will be built at a former warehouse site at 285 Eastern Pwy., three blocks east of the LIRR station. To be known as the Lofts, the two projects combined will cost $12.6 million. 10% of the apartments will be affordable workforce housing, available to those earning less than 80% of the area median income in Nassau County. In April 2013, the IDA also approved of an economic development compact for a proposed $28.3 million apartment/retail project in the downtown area that allows Farmingdale Development Co., L.P. to construct a 115-unit apartment building at 120 Secatogue Ave., close to the Farmingdale Long Island Rail Road station. The Nassau County IDA consists of a team of professionals whose mission is to promote the economic welfare and prosperity of Nassau County. It is a resource for businesses in Nassau County and those considering relocation. The IDA provides assistance to businesses interested in relocating, expanding and financing new investments. It has provided assistance to a wide range of companies, including Hain Celestial Group, Arizona Iced Tea, Sleepy's Mattress, Cold Spring Harbor Labs and Grumman Studios. For more information, please visit www.nassauida.org or call 516-571-1945.