Economic Development

Nassau IDA backs rentals, ex-Fortunoff facility facelift

By GREGORY ZELLER // A transit-oriented housing development and a bigger, better home for a large mortgage banker have earned the support of the Nassau County Industrial Development Agency. Trumpeting new affordable housing opportunities, new jobs and other economic benefits, the IDA has announced preliminary approval of a tax-abatement deal that will keep a Westbury mortgage firm in Nassau County – and help it nearly double its payroll – and final approval of a benefits…

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Baldwin scores $10M in Albany’s 2019 DRI competition

By GREGORY ZELLER // Downtown Baldwin has taken the regional crown, and the $10 million jackpot, in Albany’s annual downtown-revitalization competition. Following wins by Westbury in 2016, Hicksville in 2017 and Central Islip in 2018, Baldwin – a census-designated hamlet in Nassau County’s Town of Hempstead – will enjoy a $10 million state stipend aimed at sprucing up its downtrodden downtown. On Tuesday, Baldwin became the first winner announced in the fourth-annual Downtown Revitalization Initiative…


With next DRI winners looming, Central Islip gets busy

By GREGORY ZELLER // With the latest winners of Albany’s annual Downtown Regional Initiative waiting in the wings, they’re getting busy in Central Islip, reigning Long Island champion. The statewide competitive-application process – which awards $10 million stipends to spur private investment in distressed downtowns in each of New York’s 10 economic-development zones – is set to announce its Round 4 winners in the coming days. But first, Gov. Andrew Cuomo has been delivering updates…


New era, same mission as golden LIBDC plans ahead

By GREGORY ZELLER // Invention, and reinvention. They are the manifestation of creativity and the heart of innovation. True today, on a Long Island staking a claim as a leading biosciences hub; true a half-century ago, when a unique combination of potato farms and cutting-edge aerospace defined an otherwise sparse suburbia. The current leadership of the Long Island Business Development Council, which turns 50 this year, is a reinvention of sorts – a forward-thinking team…


In Contract Pharmacal, Albany’s job-making blueprint

By GREGORY ZELLER // New York might not have the best reputation among national entrepreneurs, but that doesn’t mean an independent business can’t thrive here – and Albany is trumpeting a Long Island success story as proof of the state’s economic-development chops. On Tuesday, the Empire State Development Corp. and the New York Power Authority issued an update on Contract Pharmacal Corp., a family-owned pharmaceuticals manufacturer that has made several job-creation and facilities-investment promises in…


Stakeholders unite to support pharma/nutra’s future

By GREGORY ZELLER // With more than 150 companies and 9,800-plus employees, the pharmaceutical/nutraceutical industry is already a Long Island cornerstone – and some major regional stakeholders want to see it grow. On Tuesday, the Suffolk County Industrial Development Agency and the Workforce Development Institute officially introduced “Driving Suffolk County’s Innovation Economy: The Pharmaceutical/Nutraceutical Growth Factor,” a 48-page report detailing pharma/nutra’s impressive growth over the last decade and the unique obstacles the industry faces on…


For downtown Hicksville, the circle is now ‘Complete’

By GREGORY ZELLER // Nassau County has started the ball rolling on an ambitious effort to bring safer, more convenient thoroughfares to one of Long Island’s most densely populated downtowns. County officials have officially committed to the Downtown Hicksville Complete Streets Project, which aims to improve accessibility and safety for motorists, pedestrians, mass-transit passengers, cyclists and others traversing the downtown area of the busy Town of Oyster Bay hamlet. Starting with an outreach effort designed…