Listen to this articleA project to build 20 rental apartments in Hicksville will receive economic incentives from the Nassau County Industrial Development Agency.
The Nassau IDA approved the benefits for the developer, Premiero Cherry LLC, for its proposed $10 million project that will build a 35,365-square-foot apartment building on a .40-acre vacant parcel at 33 and 37 West Cherry Lane.
The project will be a mix of five one-bedroom apartments and 15 two-bedroom apartments. Three of the apartments will be designated as workforce and rents will be tied to a percentage of the area’s median income. The building will also have 30 parking spaces, a roof deck, dog runs and landscaping amenities, according to an IDA statement.
“We are excited to be a part of Hicksville’s economic and cultural revitalization,” Ishmeet Singh, one of the principal owners of Premiero Cherry LLC, said in the statement. “This project is sure to play a role in the enhancement of the area’s downtown and the revenue of its local businesses, both of which we are proud to support. We thank the IDA for helping us to make this project a reality.”
Currently, the Hicksville development site generates $15,604 in annual property taxes and after its 20-year payment-in-lieu-of-taxes agreement, the development will generate about $144,700 a year in taxes, according to the IDA.
“Giving residents new opportunities to call Nassau County home is a significant mission of the Nassau County IDA and we are proud to support this project that will create new housing options for the region,” NCIDA Chairman William Rockensies said in the statement. “Retaining our residents is what keeps us stable, but attracting new ones is what drives us forward. This development will be a lure for many individuals given its prime location within a bustling Nassau County downtown.”
Sheldon Shrenkel, CEO and executive director of the Nassau IDA, said that the project is what IDA’s were designed to support, given that the vacant land was providing little benefit to the community.
“Once this project is complete, the financial benefits it will provide, whether that be in the form of taxes or downtown revenue boosts, will be substantial,” Shrenkel said in the statement. “We are proud to support a project that is set to do so much for its current and future residents as well as its community overall.”
The West Cherry Lane project is the latest of several proposed or under-construction multifamily developments that have been approved under the Town of Oyster Bay’s downtown zoning aimed at revitalizing the area around the Hicksville Long Island Rail Road station and provide new housing opportunities.
Hicksville largest new development so far is the $134.8 million mixed-use transit-oriented project from Manhattan-based Alpine Residential, which also received incentives from the Nassau IDA. The 382,725-square-foot building now under construction will bring 189 rental apartments over 7,660 square feet of retail space on 2.16 acres next to the Hicksville train station.