A new $18 million apartment development in Westbury will get economic incentives from the Nassau County Industrial Development Agency.
The project from Terwilliger & Bartone Properties will bring 59 rental residences to .61 acres at 425 Railroad Ave.
The 46,334-square-foot apartment building, which replaces a blighted warehouse, consists of 20 studio apartments, 26 one-bedroom units and five two-bedroom units. Eight of the apartments are dedicated as affordable workforce housing units for those making less than 80 percent of the area median income.
Without the new development, the existing property would generate $2 million in tax revenue over the next 22 years, according to an IDA statement. But the rental project is set to bring in about $8.2 million in tax revenue over the course of its 22-year payment-in-lieu-of-taxes agreement.
“As a Long Island-based company, we are passionate about helping our community thrive through housing,” J. Ronald Terwilliger, a principal owner of Terwilliger & Bartone Properties LLC, said in the statement. “This project would not have been possible without the help of the IDA. Thanks to their assistance, dozens of current and incoming Nassau County residents will be able to call our community home.”
This is the second phase of a pair of Westbury rental developments being built by Terwilliger & Bartone and dubbed Cornerstone at Westbury. The first, which also received economic incentives from the Nassau IDA, will bring 72 apartments to a property formerly used as a food handling warehouse at 471 Railroad Ave.
The two Westbury projects, located a stone’s throw from the Westbury Long Island Rail Road station, are receiving a Smart Growth Award from Vision Long Island next week.
“Housing is one of the most crucial aspects of keeping Nassau County’s economy alive,” Nassau IDA Chairman Richard Kessel said in the statement. “This is especially the case with affordable housing, which helps Long Islanders of various economic backgrounds live and work in our community. We at the NCIDA are excited to work with Terwilliger & Bartone Properties LLC in getting this project off the ground so we can continue to help our residents and economy thrive.”
Article: https://libn.com/2022/06/02/18m-westbury-rental-project-gets-ida-assist/