Developer wins IDA tax breaks for 48-unit apartment complex in Inwood
A rendering of the 150-unit apartment complex planned in West Hempstead. Credit: Mill Creek Residential
A Hempstead Town economic development agency has approved tax breaks for an Inwood apartment complex that officials said would add needed rental housing for the community.
The town Industrial Development Agency granted final approvals on Thursday for the economic benefits package for the 48-unit project proposed by Inwood Property Development, officials said.
Separately, the IDA is weighing a tax break package for a 150-unit West Hempstead apartment complex at the site of an abandoned supermarket, officials said in a news release.
Hempstead IDA chief executive Fred Parola said in a statement the $21.8 million Inwood project "will help to provide much-needed housing in the area and increase revenue for our taxing jurisdictions," such as school, library and fire districts.
Under the deal approved by the IDA, the complex will see annual property taxes increase from $64,616 to $150,000 over 20 years, the IDA said.
The IDA said the complex would "replace vacant and dilapidated residential and commercial buildings" on a 0.23-acre property on Bayview Avenue.
The complex, a half-mile from the Inwood Long Island Rail Road station, would include 20 one-bedroom apartments, 15 two-bedroom units, 12 three-bedroom units and one studio apartment, the IDA said.
Inwood Property officials could not be reached for comment.
One-quarter of the apartments would be affordable units available only to residents whose household income is less than 80% of the region's median income, the IDA said.
Nassau County's median household income was $116,100 in 2019, U.S. Census Bureau statistics show.
In West Hempstead, Mill Creek Residential Trust of Boca Raton, Florida, has proposed a 150-unit apartment complex at the former site of a Western Beef supermarket on Woodfield Road, officials said.
The IDA said in a news release it is considering a package that would gradually increase annual property taxes for the site from $188,866 to $1.4 million over 25 years.
The project must receive approvals from the town Board of Zoning Appeals before the IDA can grant final approval, officials said.
Mill Creek senior managing director Russell Tepper told Newsday the complex would include 90 one-bedroom units, 49 two-bedroom units and 11 three-bedroom units, adding the project would include a clubhouse, pet spa, electric car charging stations, courtyards and conference rooms for residents who work from home.
He said it was too soon to set rental prices, adding 10% of the units would have lower prices for income-eligible residents. He noted the West Hempstead train station is "a two-minute walk from the property."
"The residents will utilize the train to commute to work in New York City or to other communities on Long Island, so that’s a big draw, for sure," Tepper said.
Mill Creek in 2013 had built West 130, another 150-unit apartment complex in West Hempstead. The company has since sold the complex, Tepper said.
Carl MacGowan is a Long Island native who covers Brookhaven Town after having previously covered Smithtown, Suffolk County courts and numerous spot news and feature stories over his 20-plus year career at Newsday.
