Hempstead Town Supervisor Anthony J. Santino has announced that the town’s Industrial Development Agency (IDA) has approved a package of economic benefits that will allow a Queens-based developer to buy and renovate a vacant Garden City office building and then lease space to startup businesses.
“This project will bring genuine economic benefits to the Town . . . and enhanced vitality to the already vibrant Garden City business community,” Santino said in a news release.
The developer, the International Society of Business Leaders, (ISOBL) based in Long Island City and operating as 1051 Franklin Avenue LLC, plans to spend $1.5 million to turn part of the 19,000-square-foot, 3-story building at 1051 Franklin Ave., into a small business incubator. ISOBL will occupy the entire third floor and could expand into the first and second floor in the future, but currently plans to use the space as an incubator for fledgling companies. The developer anticipates as many as 55 people will be employed by businesses operating in the building within two years.
The economic benefits package, approved by the IDA board at its Aug. 24 meeting, includes property tax abatements and relief from the mortgage recording tax and sales tax on materials used for the renovation.
IDA chairman Ted Sasso said: “We are happy to assist this project which will bring new life to a vacant 3-story office building in the main business corridor of Garden City and, at the same time, bring to the town 50 new employees . . . as well as providing a place for new small businesses, which provide the backbone of the town’s economy.”
In 2015, projects undertaken by the Hempstead IDA — a public benefit agency — resulted in new investments totaling $225 million in the town, the news release said.