Tritec closes on $113M in financing for next Station Yards phase

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Tritec Real Estate has closed on $113 million in financing for the next phase of its Station Yards mixed-use development in Ronkonkoma. 

The financing, obtained from banks and private investment sources, paves the way for the developer to build its Phase 2B of the project, designed by Woodbury-based Spector Companies, which will add 175 apartments, 1,419 square feet of retail space and a 247-car parking garage and complete the fourth wall of the development’s village square. 

Tritec is nearing completion of Phase 2A, the main portion of what it calls The Core, which contains 388 apartments, 67,000 square feet of retail space, and 16,500 square feet of office space, which Tritec will use as its new headquarters. 

Last month, the Town of Brookhaven Industrial Development Agency has closed on a package of economic incentives for a Tritec affiliate for Phase 2B, which is expected to generate 350 construction jobs and five full-time-equivalent jobs within two years of its completion. It is expected to take about 21 months to complete. 

Phase 2B will be built on a 3.9-acre site bordered by Railroad Avenue, Hawkins Avenue, Union Street and Garrity Avenue. The new development will replace a former bus depot and a 40,000-square-foot building that will be demolished.  

The project’s $164 million first phase, called Alston Station Yards, was completed in March 2020 and brought 489 apartments to a 12-acre site to the northeast of the Ronkonkoma Long Island Rail Road station. The entire project, estimated to cost about $1.2 billion, is aimed at reimagining over 50 acres around the LIRR station into a walkable, mixed-use, transit-oriented community. 

Besides the benefits from the Brookhaven IDA, New York State Economic Development (ESD) provided a grant for $50 million of infrastructure at Station Yards, including $5 million for Phase 2B. 

“This new Phase 2B funding moves Tritec one step closer to transforming a once-desolate area into one that fosters a thriving community,” ESD Long Island Regional Director Cara Longworth said in a written statement. “Empire State Development is proud to support development projects like Station Yards that stimulate economic growth by creating critical jobs and housing on Long Island.”