Suffolk IDA preliminarily approves hotel project

Melville, NY The Suffolk County Industrial Development Agency (IDA) has preliminarily approved a transaction to invest in 500 Broad Hollow Road, LLC for the construction of a 103,555 s/f four-story hotel with 143 rooms and 148 surface parking spots on 3 acres at 500 Broad Hollow Rd. With an investment of over $39.3 million into the community, the development of this project is expected to create 32 jobs with an initial payroll of more than $1.1 million as well as dozens of constructions jobs.

“Long Island’s tourism sector is a multi-billion-dollar a year industry that has unfortunately been deeply impacted by the COVID-19 pandemic,” said Suffolk County IDA executive director Tony Catapano. “An investment of this size is significant as it shows the region is rebounding from the hardships of the last two years and is primed to further cement Suffolk County as a thriving tourism destination. We are pleased to support 500 Broad Hollow Road LLC on this project and look forward to its groundbreaking.”

To prepare for the new building, the 500 Broad Hollow Rd. project will include the demolition of an existing underutilized and vacant 89,588 s/f office building on the site. This demolition will pave the way for the 103,555 s/f, four-story building which will include 143 rooms, 620 s/f of meeting space, a dining area, a fitness room and an outdoor pool. The site of the vacant office building is currently generating $26,000 in annual property taxes. This projects, even with the support from the IDA, will pay significantly more than that in the first year, and the taxes will increase each year until the agreement’s expiration.

“We look forward to embarking on this exciting project for the region that is only made possible thanks to the support of the Suffolk County IDA,” said Jennifer Locey, company representative of Chartwell Hotels. “The development of this hotel will elevate the attractions and accommodations across Long Island for the millions of visitors to the region.”

While the 500 Broad Hollow Road LLC project will immensely benefit the tourism industry on Long Island, it will also serve the existing and expanding business community in Melville and surrounding areas. The project will be located within the vicinity of Republic Airport, SUNY Farmingdale, Bethpage State Park, and many businesses along the 110 Corridor including Canon USA North American Headquarters, Capital One, D’Addario and many more. Based on the seasonal nature of Long Island’s tourism and limited hotel capacity, visitors often must seek outside lodging in surrounding areas, such as New York City. Bringing more local lodging options will keep visitors on Long Island while supporting local businesses and taking advantage of the county’s extensive roster of indoor and outdoor attractions and activities.”

“The principals of this investment have worked with the IDA in the past on the Huntington Hotel project, which recently celebrated its ribbon-cutting,” said Kelly Murphy, deputy executive director of the Suffolk County IDA. “They have proven their dedication to improving this industry by constructing quality accommodations, which acts as an attraction for the region. This project represents forward momentum out of the COVID-19 pandemic that will create new avenues for economic development in the tourism sector and for all those local businesses that support it.”