Long Island’s TRITEC
Real Estate Company has won approval for a 418-unit mixed-used development on
the former Touro College site in Bay Shore.
At a meeting earlier
this week, the Town of Islip voted unanimously to approve the rezoning of 1700
Union Boulevard to make way for the $165 million development that will include market
rate apartments, 5,000 s/f of retail and open air parking.
According to TRITEC’s
Chris Kelly, the new development is part of the wider revitalization that’s
been underway in Bay Shore for the past several years. Local retailers in
particular have been among the beneficiaries of an influx of new residents who
have pushed vacancy from the 40 percent levels of the 90s to create a bustling
downtown.
“In the past several
years, more than a dozen new restaurants have opened on the main street,” said
Kelly. “New apartment projects are also underway, but none the size and caliber
of the one we are about to undertake.
“Like retail worldwide,
the Bay Shore restaurants have been greatly impacted by the COVID pandemic. The
restaurant owners’ association, the Bay Shore Chamber, and the Building
Improvement District have all enthusiastically supported this project to help
get their economy back on track.”
Following a formal
public comment period, work is expected to get underway early next year.
The project is
anticipated to support nearly 900 construction jobs in Suffolk County, with $55
million in earnings and $140 million in construction spending. The new
residents it will attract are projected to spend $13 million annually within
the Town of Islip.
The locally-based TRITEC
was a major contributor of the revival of the Village of Patchogue, where it
built its $112 million New Village. A study by the Long Island Regional
Planning Council found that the transformation in both the commercial and
residential sectors helped make it both a popular destination for visitors and
an attractive place to live.
“We expect that
adding a project like ours to a downtown already on the rise will have
incredible results for Bay Shore and the Town of Islip,” said Kelly.
