Nassau County Executive Edward P. Mangano announced that the Nassau Industrial Development Agency (IDA) has approved an economic compact that will assist in the creation of a high technology business incubator in downtown Great Neck Plaza.
LaunchPad, a high-tech business incubator with locations in Huntington and Mineola, will open a fourth location in vacant space at 3 Grace Avenue in Great Neck Plaza with the help of the IDA.
The incubator will offer co-working spaces for 20 to 30 small, start-up businesses. The project is being undertaken by 3 Grace LLC, which is mostly owned by Namdar Family, LP. The developer will lease the space to Launch Pad.
“My administration has helped create an environment where businesses can produce viable high technology products and fuel the county’s future economic growth,” said County Executive Mangano. “LaunchPad, with the assistance of the IDA, will move this forward.”
Peter Goldsmith, President of LISTnet, stated “We are very excited about opening the 4th LaunchPad in Great Neck, and taking advantage of all that the Village has to offer. Bringing tech companies to Great Neck will be a win-win for all.”
The $4 million project is expected to create 50 new, permanent full-time-equivalent jobs, generate $12 million in economic impact and $90,000 in net tax benefits.