Hicksville development seeks tax breaks from Nassau IDA

The developer behind a 106-unit mixed-use complex in Hicksville is seeking 20 years of property tax breaks along with more than $2.4 million in additional relief from Nassau County.

The Nassau County Industrial Development Agency is reviewing the plan for Cornerstone Hicksville, a $61 million development proposed in downtown Hicksville.

The project will include 106 apartments and 4,000 square feet of retail space in a four-story building on Jerusalem Avenue. It is among numerous projects in development in an area targeted by the Town of Oyster Bay for revitalization.   

The developer is seeking a 20-year payment in lieu of taxes, or PILOT, and sales tax and mortgage recording tax exemptions totaling around $2.4 million, according to IDA documents. The assistance is needed “to make this project financially feasible,” Daniel P. Deegan, an attorney for the developer, said during a recent IDA meeting.

Deegan said an assessment report is needed before projecting what the 20-year PILOT would save the developer. 

Deegan said escalating construction costs have made large-scale projects difficult to execute. The developer purchased an adjacent property to gain Town of Oyster Bay zoning compliance. The developer will spend about $5 million to remediate that property.

The project is expected to add three full-time jobs. The developer will set aside 13 units for people making 80% of the area median income, according to the application.

“It’s going to drive traffic to the downtown of Hicksville," Deegan said. “It’s going to liven that area.”

The state awarded Oyster Bay $10 million in 2017 as part of its Downtown Revitalization Initiative. Multiple mixed-use developments are in construction or planning stages, and the town is overseeing projects to make the area around the Hicksville Long Island Rail Road station more walkable.

The Nassau IDA board unanimously approved a motion on July 30 to review Cornerstone Hicksville's application.

Sheldon L. Shrenkel, the IDA's CEO and executive director, said the board’s actions were “the first in a series of steps to consider this application for potential benefits.”

“This project represents a more than $60 million investment into the Hicksville community and would provide much-needed housing options for Nassau County residents,” Shrenkel said in a statement.

By Joseph Ostapiuk

joseph.ostapiuk@newsday.com@OstapiukJ