Tritec Real Estate Co. has secured a package of incentives for its planned Ronkonkoma Hub Transit Oriented Development project, which is expected to break ground soon.
Frederick C. Braun, III, chairman of the Town of Brookhaven Industrial Development Agency (IDA), announced that the IDA unanimously approved an economic benefits package in 2014, but did not close until recently because the project required a host of additional approvals, including sewer connections, and the acquisition by East Setauket-based Tritec and its partner of various properties at the Hub from private owners.
The total project, valued at $538 million, is expected to feature up to 1,450 apartments and 545,000 s/f of retail and office space on 50 acres near the Long Island Rail Road station in Ronkonkoma. Many of the apartments will be priced to appeal to young people and seniors.
Phase 1 of the project, which involves the construction of infrastructure and 477,300 s/f of apartments on 11.94 acres, is valued at $112.7 million. The first phase is expected to create 977 construction industry jobs and 76 full time jobs upon completion. Construction of Phase 1 of the project is expected to take three years.