Nassau County Executive Edward P. Mangano today announced that the Nassau Industrial Development Agency (IDA) has approved an economic compact for a mixed-use downtown redevelopment project close to the Long Island Rail Road Great Neck station. Hooshang Nematzadeh and Futuro Capital LLC, the developers of the project, will construct a 46,100-square-foot building at 5-9 Grace Avenue, including 30 transit-oriented rental apartments, with 10% of the units set aside as affordable pursuant to New York State law.
“My administration has made it a priority to create new ways in which to assist families, seniors, and young adults with housing options,” said County Executive Mangano. “Since taking office, my administration has helped create 1,000 new rental housing opportunities in Nassau County. This project, in the heart of Great Neck Plaza, brings much-needed rental options to the neighborhood while generating millions in economic benefits for our local economy.”
The $12 million project will inject $11 million into the local economy upon its completion and generate more than $2 million in net tax benefits. The project is expected to result in the creation of 22 full-time-equivalent construction industry jobs and two permanent jobs.
County Executive Mangano has partnered with the private sector to create more than 1,000 new housing opportunities for young people, families and senior citizens. Other new transit-oriented rental housing opportunities include 154 units at Jefferson Plaza in Farmingdale, 53 units at two Loft projects in Farmingdale, 93 units at Plaza Landmark in Great Neck Plaza, 29-units at Village Lofts in Hempstead, 311 units under construction at Mill Creek Residential in Mineola, 315 units under construction at Mineola Properties in Mineola and another 6 units constructed by MPA Owners in Westbury.
About the Nassau County IDA
The Nassau County Industrial Development Agency consists of a team of professionals whose mission is to promote the economic welfare and prosperity of Nassau County. It is a resource for businesses in Nassau County and those considering relocation. The IDA provides assistance to businesses interested in relocating, expanding and financing new investments. It has provided assistance to a wide range of companies, including Hain Celestial Group, Arizona Iced Tea, Sleepy’s Mattress, Cold Spring Harbor Labs and Grumman Studios. For more information, please visit www.nassauida.org or call (516) 571-1945.