Hempstead Developers Score Tax Breaks For $32M Development

HEMPSTEAD, NY. – The Town of Hempstead’s Industrial Development Agency (IDA) granted preliminary approval for a set of tax incentives to developers hoping to build at 16 Cooper St. at its Nov. 18 meeting; the incentives will clear the path for a 96-unit mixed use development that is projected to cost $32 million.

IDA CEO Fred Parola said Monday that the incentive package was the same as the one given to the same developers for construction at 160 Marvin Ave. last month, including a 20-year Payment In Lieu of Taxes (PILOT) agreement and exemptions from sales and mortgage recording taxes. Under the proposed PILOT agreement the developers would pay $77,515 in each of the first three years of the agreement before gradually increasing, topping out at $1.1 million in property tax in year 20 of the agreement.

The development proposed for 16 Cooper St., formerly the site of a Nassau County Traffic and Parking Violations Agency office, is a 108,885-square-foot, five-story building that would feature interior parking, commercial space on the ground floor and 96 apartments. Of the apartments, 52 would be one-bedroom units, 32 would be two-bedroom units and 12 would be three-bedroom units. 10 percent of the apartments will be set aside for households making 80 percent or less of the town’s area median income (AMI), while 10 percent more will be set aside for families making at or less than 120 percent of Hempstead’s AMI.

“It’s a smart project, because, obviously we’re doubling down on the usage,” Parola said Monday. “Not just living, but also bringing in more, hopefully, business after the project is completed.”

Under the proposal, the ground floor commercial space would total 2,300 square-feet and the parking would accommodate 103 cars and 80 bikes. The proposal also includes a community room, game room, gym, lounge and rooftop sitting area.

The Town of Hempstead will hold a public hearing on the proposed development Tuesday at 10:30 a.m., per a notice available on its website, while a final vote to approve the economic proposal is scheduled for Dec. 16 at 10:30 a.m.