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A proposed $212 million mixed-use development in West Hempstead is getting economic incentives from the Town of Hempstead Industrial Development Agency.
The project, from Commack-based Heatherwood Luxury Rentals LLC, will bring a two-building, 481,089-square-foot complex to a blighted 9.4-acre former retail site at 111 Hempstead Turnpike. The property, located a short walk to the West Hempstead Long Island Rail Road station, was home to a 106,652-square-foot building that had been occupied by National Wholesale Liquidators.
The new transit-oriented development will bring 428 apartments, 5,575 square feet of retail space and parking for 740 vehicles. The project, which has approvals from the Town of Hempstead, will include 385 market-rate residential units and 43 affordable units.
The Hempstead IDA had previously awarded benefits to the project in Oct. 2021, but had to reauthorize the benefits this week after the plan went from three buildings to two. The project is expected to generate 250 construction jobs and seven permanent jobs, according to an IDA statement.
The developer was granted a 20-year payment-lieu-of-taxes agreement with the IDA under which it would pay an average of $2.1 million each year to various taxing jurisdictions. Annual PILOT payments would start at $771,088, which are the current taxes on site, and after a three-year freeze would increase over the balance of the PILOT to $5.312 million. Heatherwood also is seeking an exemption from the mortgage recording tax and sales-tax exemption for construction materials.
Construction is expected to begin in January, following the demolition of the existing building and be fully completed in 2027.
“This Is an excellent ‘good growth’ project approved by the IDA,” Fred Parola, CEO of Hempstead IDA, said in the statement. “It will replace an eyesore— a dilapidated building, bring much-needed rental housing to the town close to public transit, create jobs, and generate increased revenues for our taxing jurisdictions.”
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