The Nassau County Industrial Development Agency announced Wednesday that it had approved an economic aid package to allow Mill Creek Residential Trust LLC to move ahead with the planned construction of the $93 million Winston and Churchill apartment complexes in Mineola.
The industrial development agency’s aid, approved at its July 23 meeting comprises a $647,000 sales-tax exemption, a $1.7 million reduction of the mortgage recording tax and a 20-year abatement on property taxes.
Mill Creek plans to build a five-story building with 275 apartments at 170 Old Country Road. The units, including studios and two bedroom units, will have rental rates starting at $1,750 a month .
The Winston project has been viewed as a key component in the village’s master plan to upgrade Mineola’s downtown district. Within walking distance of the downtown area and Mineola Long Island Rail Road station, the apartment building at 170 Jericho Turnpike is seen as a viable housing option for young professionals who would patronize local restaurants and other businesses. The companion 36-unit Churchill is intended as a affordable apartment house for senior residents.
“Without this project the empty buildings and land on these sites would continue to be blights on the surrounding neighborhood,” said Joseph Kearney, executive director of the IDA.
Kearney said the county would reap economic benefits from the project of more than $97 million over the 20 years following the completion of construction, which is expected to take 24 months. The project will create 338 construction jobs, and six new permanent full-time equivalent jobs at the buildings after the building is completed.
Maria Rigopolous, a regional director at Mill Creek, credited Nassau County Executive Edward Mangano with helping to facilitate the favorable financial terms from the county Industrial Development Agency.
“We would not be able to do this deal without the assistance of County Executive Mangano,” said Maria Rigopoulos, a regional director at Mill Creek.
“This project, close to Mineola’s downtown shops and restaurants and Central Nassau’s dense concentration of employers, retail and cultural venues, will generate economic activity throughout Nassau County,” Mangano said.
The Mineola Village Board recently approved an amended agreement with Polimeni International, the developer of the project, which is paying $3 million to the village in amenities on the project.
“This project will boost the village in all respects,” Mineola Mayor Scott Strauss said when the village board approved the amended pact.
The amended deal includes acceleration of scheduled payments of $3 million in amenities to the village and an additional Host Community Benefits agreement providing for additional revenue to the village.
Both apartment complexes were originally planned as condominiums, but those plans were changed to make them rental properties after Garden City officials raised objections to the plans. Changing market conditions also prompted Polimeni International to successfully seek approval of the change in the status of the twin projects.
Reach reporter Richard Tedesco by e-mail at rtedesco@theislandnow.com or by phone at 516.307.1045 x204. Also follow us on Twitter @theislandnow1 and Facebook at facebook.com/theislandnow.
