Real Estate
Valley Stream Office Space Gets Preliminary Approval For Apt. Complex
If approved, the existing 13,549-square-foot building will used for 15 apartments and retail space.
VALLEY STREAM, NY — Preliminary approval has been given to turn an office building in Valley Stream into a rental apartment complex.
The Town of Hempstead Industrial Development Agency granted the incentives for The Promenade 360, owned by Vassillos (Bill) Kefalas, to renovate 360A W. Merrick Rd. The existing 13,549-square-foot building on .38 acres will be transitioned into 15 apartments.
The space will also feature a retail component of 517 square feet.
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"This proposed project, if finally approved, will ultimately increase the community's tax base
while adding to the town’s growing stock of much-needed quality rental housing," Industrial Development Agency CEO Fred Parola said.
The unit mix will be comprised of one studio, nine one-bedrooms, five two-
bedrooms.
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Expected to take a year for completion, the $4.7 million project will lead to the creation of 20 construction jobs.
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