More than a dozen private companies spent a total of $187 million on construction, and purchasing of land and equipment in Brookhaven in 2015, and officials said they expect those numbers to more than double this year.
The Brookhaven Industrial Development Agency, the town’s business arm, last year provided tax breaks to 13 private companies for economic development projects including affordable apartments, residential apartments and senior housing projects in Holtsville and Patchogue. Projects also included the reuse of old industrial buildings.
The result was private developers spending $187 million in Brookhaven on construction, buying land and equipment, IDA officials said yesterday when releasing the figures.
Those 13 projects created 724 construction jobs, 228 other full-time jobs, and another 229 jobs were retained, according to the agency.
“The thirteen job-creating projects supported by the Brookhaven IDA in 2015 will provide a significant boost to our town’s economy,” IDA chairman Frederick Braun III said in a statement.
IDA officialsl expect private developers to spend $438 million in town this year on constructions projects.
IDA officials said the private investments will add job stability to the area.
“It benefits the residents in that this investment helps create jobs,” Brookhaven IDA chief executive Lisa Mulligan said.
The largest project for which the IDA provided tax breaks on in 2015 was phase one of the Meadows at Yaphank, a $400 million mixed-use project that ultimately will include 850 residential units with 327,000 square feet of retail space, and 550,000 square feet of office space.
The other projects include the $41.1 million, 128-unit Bristal Assisted Living Facility being built in Holtsville and Rail Realty, a $21 million apartment complex in Port Jefferson.