Frederick C. Braun III, Chairman of the Brookhaven Industrial Development Agency (IDA), announced on Wednesday, August 13th, that they have closed on a package of economic incentives in the local real estate department.
An intended 262-unit, four-story rental apartment complex, featuring affordable and workforce housing, is slated for the Village of Patchogue, courtesy of 214 Main Owner, LLC, of Farmingdale, which is an affiliate of Nord Development Group.
The benefits package—the byproduct of a whopping $160 million project first approved by the IDA board on March 28th—officially closed on July 31st.
“This project, when built, will be a wonderful bookend for West Patchogue,” said Braun.
Led by Joseph Rossi and Peter Ferrandino, the group plans to build the complex on a 4.0-acre site that currently houses a vacant steel plant, an auto body shop and a laundromat.
Forty-nine studio apartments, 141 one-bedroom units, and 72 two-bedroom units, along with retail and office space, are outlined in the blueprint. Twenty-seven apartments will constitute affordable housing for residents whose incomes are at or below 80 percent of the median income locally.
The complex will also include a public riverwalk, two swimming pools and two gyms. “The Trolley House” office space that has long been put to use by the Patchogue Chamber of Commerce will remain in action on the premises as well.
Adds Braun: “We are happy to assist with this project, which is situated in an area of the village that needs redevelopment. It will provide much-needed additional rental housing for our residents.”