"The current mayor is supportive of PILOTs, which has allowed the project to move forward after years of setbacks. The local Industrial Development Agency has provided a tax package that stabilizes the developer's financial obligations over a long period."
"Walker emphasized that multifamily developments often require tax breaks to be financially viable, highlighting the political complexities involved in securing approvals from different local entities."
"The project is strategically located just seven minutes from the Hempstead Long Island Rail Road station, indicating a focus on transit-oriented development that aligns with modern urban planning trends."
"Deputy Mayor Jeffery Daniels noted that Walker's development demonstrates Hempstead's potential to attract investment, signaling a positive shift in the village's economic landscape."
The Hempstead project, a 246-unit development costing $123 million, is set to begin construction after 11 years of planning. Originally downsized due to tax agreement issues, the project now has local support and a fixed tax bill of $27.6 million over 25 years. Ten percent of the units will be affordable for lower-income households. The project includes retail space and a parking garage, with construction expected to last 30 months. This development reflects a growing interest in transit-oriented projects in Long Island suburbs, overcoming previous local opposition.
Read at therealdeal.com
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