Nassau County Executive Edward P. Mangano today announced that the Nassau County Industrial Development Agency (NCIDA) has approved an economic development compact for HSRE-EB Jericho LLC, which intends to build a Bristal Assisted Living facility in Jericho at a cost of $125 million. The Bristal plans to hire approximately 90 full-time-equivalent employees within three years of the facility’s completion. Construction will result in the creation of about 150 full-time-equivalent construction jobs during an 18-month period.
County Executive Mangano stated, “This project will help to meet the growing needs of a segment of the population who are no longer able to live alone while enhancing their quality of life.”
HSRE-EB, a partnership of Garden City-based Engel Burman Group and Harrison Street Real Estate Capital LLC, plans to construct a 336,000 square-foot, 280-unit facility on vacant land at 300-310 Jericho Turnpike in Jericho. One hundred forty units will be traditional assisted-living apartments and the remainder will be specially designed for residents suffering from the onset of dementia and other memory loss conditions.
The project will have a positive tax benefit for Nassau County and other taxing jurisdictions of $22 million and is expected to have a total economic impact of $337 million on Nassau County. In addition, Engel Burman is gifting 8.5 acres of undeveloped land at the 10-acre site to the Town of Oyster Bay to be preserved forever.
About the Nassau County IDAThe 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, Arizona Iced Tea, Dealer Track Technologies and Grumman Studios. For more information, please visit www.nassauida.org or call (516) 571-1945.