Nassau County Industrial Development Agency (IDA) has given preliminary approval to economic incentive packages for two projects that will bring more than 90 new, full-time jobs to the county and new investments totaling $50 million.
JP Optionee LLC, which is working with New Jersey-based Onyx Equities and Manhattan-based DRA Advisors in proposing to build an 147,524 s/f hotel and conference center at a cost of $43.6 million on a 5.88 acre parking lot at Jericho Plaza, a 670,000 s/f Class A, two-building office complex.
The project is expected to generate 87 full-time jobs.
Manhattan-based DRA partnered with Onyx to purchase the complex earlier in 2019.
The IDA is considering the project a tourism exception to lure businesses to the county to host conferences and final determination will be based upon an independent study of the tourism impact.
The 180 room boutique hotel will have a high-end spa and flexible conference facilities.
Paint Applicator Corp. of America (PACOA) is planning to construct a 21,000 s/f addition to its 92,000 s/f distribution center in Port Washington.
The $6.7 million project is expected to result in the creation of six new full-time jobs within three years of the project’s completion and 73 construction jobs.
Established in 1974 by the Geismar family, PACOA has grown from a small assembly line in the basement of Herb Geismar’s home its current size.
It has more than 120 employees and distributes 15,000 products to independent retail dealers throughout the New York Tri-State area.