The Nassau County Industrial Development Agency has given 20-year tax relief to developers proposing to build a 72-unit apartment building in a move they say will energize downtown Westbury.
At a board meeting on November 18, IDA approved several tax breaks for Farmingdale-based developers, Terwilliger & Bartone Properties LLC, who plan to build a multi-story structure on the site of a warehouse. products at 461 Railroad Ave. The developers will pay the current tax, $ 102,700, for the first two years of the project. Over the next 20 years, they will pay $ 9.4 million in taxes under the PILOT deal – payments in lieu of taxes.
The IDA has provided tax breaks of about $ 818,000 on the purchase of construction materials and equipment, and more than $ 137,000 in mortgage registration tax, said Daniel P. Deegan, real estate attorney for Terwilliger & Bartone.
The $ 23 million project will include studios, one and two bedroom apartments, and the developers have pledged to build 10 units below the market.
âWe worked in partnership with the village to help implement their downtown revitalization plan, which allows the plan to be finalized and construction to begin,â Deegan said. The developers plan to close the property by the end of the year.
Anthony Bartone, managing partner of Terwilliger & Bartone, said they plan to demolish the current building in January and start construction in February or March, which is expected to take 18 months.
âI think this is a landslide victory for the community,â Bartone said. “Having a project that will now be brick and mortar, and all the studies come true, has measurable value.”
Reynolds Zelaya, president of the Westbury Schools Parent Teacher Association Council, said he supports the revitalization effort, but hopes the new developments won’t hurt the school district.
“Will the school district be properly compensated, then if we have to enlarge the building again because of all these constructions, it is not up to the taxpayers, âZelaya noted.
Nassau IDA President Richard Kessel said the project would boost the village’s downtown area.
âI think this is a huge boost to the village that will get new people to spend their money on the shops and restaurants in Westbury town center,â Kessel said.
Westbury Mayor Peter Cavallaro said he hoped the project would be “transformative” for the area near the Long Island Rail Road station, which was rezoned in 2019 to allow taller, denser buildings in the area of ââ50 acres.
âThe project will really beautify the property it will affect and hopefully lead to other projects nearby,â Cavallaro said. “This is going to have a huge impact on the tax base, even under PILOTE, the revenues generated by the projectâ¦ are going to be substantial.”
The developers are also working on another project nearby, at 425 Railroad Ave.
Although the project has received a preliminary incentive, which allows IDA to review the project and negotiate with the developers, Kessel said they would wait to move forward until the village. reviews and approves the project.
Cavallaro said the village had heard of the Phase Two project involving 425 Railroad Ave., but said nothing had been submitted.
Bartone said they plan to submit an official application, for a 58-unit apartment project with eight units below the market, in the village during the first week of December.