Plans For LI Apartment Complex Gain Tentative Approval

INWOOD, NY — An apartment building in Inwood received preliminary approval for a package of economic incentives to assist in construction.

Before the 48-unit complex goes up, an additional review, a public hearing and a final authorization resolution would take place, the Town of Hempstead Industrial Development Agency (IDA) said in a news release.

Inwood Property, owned by Hewlett businessperson Isaiah Moultrie, will build a half-mile from the Inwood LIRR station. There will be 20 one-bedroom units, 15 two-bedroom apartments and 12 three-bedroom options.

The project will replace vacant and dilapidated residential and commercial buildings.

"This project, if approved, will help to provide much-needed housing in the area
and increase revenues for our taxing jurisdictions," Fred Parola, the IDA CEO, said in a statement.

Current property taxes on the site, $64,616, will rise to $150,000 over the course
of a proposed 20-year PILOT agreement, the IDA announced.