Richard Kessel, chairman of the Nassau County Industrial Development Agency (IDA), announced that the agency’s board approved an amended package of economic development incentives that will assist the developer of a $21.7 million, 93-room Marriott Residence Inn in the parking lot of the Jericho Commons shopping center in Jericho.
The amended benefits package sought by Twenty-Six Sunset LLC was approved by the IDA board at a board meeting held via video-conference on July 9. The developer amended its application for benefits, previously approved in December of 2018, due to higher construction costs that will result from the use of unionized construction labor.
The developer is owned in part by John A. Danzi, a principal at Long Island Hotels LLC, an Islandia-based hospitality company that builds and manages hotels. The hotel is to be built on land leased from Kimco Realty Corp., which owns the Milleridge Inn building and the adjacent Jericho Commons shopping center.
The project is expected to generate 100 construction jobs and 33 full-time permanent jobs.
Twenty-Six Sunset was approved for a 20-year PILOT (payment in lieu of taxes) agreement that would freeze taxes for the first five years. After the fifth year, PILOT payments to taxing jurisdictions will be $192,700, compared to current taxes of $91,000.
“I’m pleased to see the IDA providing crucial support for a development in one of the industries hardest hit by the pandemic – hospitality,” said Nassau County Executive Laura Curran. “This project promises 100 construction jobs and 33 full-time permanent jobs and is a positive sign about bringing visitors back to our hotels and destinations.”
The project was granted zoning approval by the Oyster Bay Town Board last year and earlier this year received height and parking variances from the town’s Board of Zoning Appeals. The developer now is awaiting building permits.
“This project will be an economic driver in the Town of Oyster Bay and will provide synergy with area attractions and businesses and also will attract visitors heading to area colleges” said Kessel.
