OCEANSIDE, NY –Nassau County Executive Laura Curran today joined IDA Chairman Richard Kessel, IDA Board members and Feil Properties to announce support of the Woodcrest Village Park project in Oceanside.
The project would offer brand-new market-rate housing conveniently located adjacent to the East Rockaway LIRR Station. The much-needed housing would restore a Sandy-damaged area and create 230 new rental units.
“The Woodcrest Village Park project epitomizes my vision for transit-oriented development and we are thrilled to have the IDA and Feil Properties as partners in this effort,” said Curran.
This initiative utilizes IDA PILOT revenue and other incentives as intended--for housing, economic development and tax base growth. In addition, the project will create approximately 100 temporary, construction-phase jobs and approximately seven permanent full-time jobs at the project facility.
“IDAs are very powerful economic growth engines when used properly,” said Curran. “Nassau County must offer transit-oriented growth and the IDA is helping us achieve our development goals.”
“The IDA is thrilled to support the County Executive’s vision of creating opportunities for young people, millennials, and families to live and work in Nassau County,” said Kessel. “The Woodcrest project provides affordable housing in a transit-oriented environment that will assist in attracting young people to the county. This represents the future of growing our tax base without raising taxes to residents and businesses. “
Six years ago, apartment buildings located at this 5.19-acre site were badly damaged by Superstorm Sandy. The units were subsequently demolished leaving the land vacant since. Upon approval, project construction will begin before the 2018 winter season and will take approximately 18 months to complete.
The total cost of the project is estimated at $60,567,585 with an IDA straight lease transaction and a 15-year PILOT. The IDA will also set mortgage recording and sales and use tax.
“The project will create PILOT revenue from a property that currently contributes very little property tax revenue,” said Curran. “It is a wonderful step forward as we continue growing our tax base and finding new ways to increase revenue.”