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Listen to this articleA project that will redevelop a Valley Stream office building into rental apartments has received preliminary approval for economic incentives from the Town of Hempstead Industrial Development Agency.
The Promenade 360 LLC, which is owned by local developer Vassilios (Bill) Kefalas, is planning a gut renovation of the 13,549-square-foot building on .38 acres at 360A W. Merrick Road.
The $4.7 million project will create 15 apartments, 517 square feet of retail space and a common area of 1,801 square feet, according to an IDA statement.
The Hempstead IDA has assisted Kefalas in two previous projects, a six-story, 43-unit mixed-use building called The Promenade on North Central Avenue and The Vantage at Roosevelt, a three-story, 17-unit residential building at 50 Roosevelt Ave.
Kefalas’ new project will create 20 construction jobs and one part-time permanent position, according to the IDA. It’s expected to take a year to complete.
“This proposed project, if finally approved, will ultimately increase the community’s tax base while adding to the town’s growing stock of much-needed quality rental housing,” Hempstead IDA CEO Fred Parola said in the statement.
