Nassau County Executive Edward P. Mangano announced that the County Industrial Development Agency (IDA) has approved an economic development compact for Avalon Bay Communities to build 191 rental apartments, 10 percent of them affordable workforce housing units, on the site of a now-defunct petroleum storage facility in Great Neck.
When completed, this project will generate $56.4 million in economic benefit for the local economy while bringing the number of new housing opportunities created in Nassau under the Mangano administration to over 1,150.
County Executive Mangano stated, “It is a priority of my administration to create new ways in which to assist our residents – young and old, families and singles — with new housing options.
This project goes a long way toward our goal of helping to meet the demand for new housing in Nassau County, while also helping to create new construction and permanent jobs that will generate millions of dollars in economic benefits for our local economy.”
The project at 240 East Shore Road in Great Neck is expected to create 315 full-time equivalent construction jobs and nine new full-time equivalent permanent positions. Construction is expected to start in December and be completed in January 2016.
A 15-year payment in lieu of taxes, or PILOT, schedule, approved at the IDA’s meeting is expected to produce about $9.3 million in taxes to local jurisdictions. The PILOT schedule increases each year, from $95,500 in its first year to $958,110 in its 15th year.