Fred Parola, CEO of the Town of Hempstead Industrial Development Agency (IDA), said the agency has given preliminary approval to a package of economic development incentives that will assist a Syosset-based business group construct a new 100-room hotel and conference center on Freeport’s Nautical Mile.
The IDA, meeting on Jan. 31, granted preliminary approval to the incentives for NBD Holding LLC, which intends to build a Hilton Garden Inn at total cost of $43 million. The benefits are subject to further IDA review, a public hearing and a final authorizing resolution.
NBD plans intends to construct an 89,836-square-foot hotel building on 1.615 acres of vacant land with 100 rooms, a 125-person capacity ballroom and an attached independently operated 100-seat restaurant. This hotel, overlooking the Woodcleft Canal, is expected to serve as a tourist destination, serving guests traveling to the site for leisure and business purposes. The site, which includes the former Hunter Pointe Marina and The Schooner Restaurant, includes 417, 435, 444, 447 and 447 Woodcleft Ave.,
The Village of Freeport has granted site plan approval for the project, which will take up to 24 months to complete. Completion is anticipated in Spring 2024.
The project, whose owners include managing member Rohitkumar Sakaria as well as Bahrat and Pankaj Patel, is expected to generate 166 construction jobs and at least 35 permanent full-time positions.
“This is a great project that will develop the vacant tract that once houses The Schooner Restaurant that was destroyed in a hurricane more than a decade ago. If granted final approval, it has the potential to revitalize a part of the Nautical Mile that needs a shot in the arm,” said Parola. “It will bring tourists and business travelers who will infuse the local economy.”
Property taxes on the site, currently $133,151, will climb to $772,825 upon completion of a proposed 20-year PILOT agreement.