Economic Development

Nassau IDA backs new rentals on Sandy-ravaged site

By GREGORY ZELLER // An Oceanside site ravaged by Superstorm Sandy will soon be remade into a new rental-apartment complex, with the help of the Nassau County Industrial Development Agency. The Nassau IDA has approved a tax-reducing economic-incentives package that will help The Feil Organization, a New York City-based development-management firm, rebuild the dilapidated site into a 230-unit, transit-oriented rental complex. The development agency first approved the tax-abatement deal in September and issued its final…


Past success, future hopes fuel LIREDC’s 2018 report

By GREGORY ZELLER // The Long Island Regional Economic Development Council has met its Oct. 1 deadline and submitted its annual progress report/wish list to the Empire State Development Corp., Albany’s main economic-development engine. The 2018 progress report, titled “Long Island: Completing the Puzzle,” both highlights the efforts of the Long Island REDC since Gov. Andrew Cuomo launched his competitive statewide economic-development program in 2011 and lists the projects the regional council hopes to support…


Brookhaven IDA backs Triple Five’s Dowling plan

By GREGORY ZELLER // A New Jersey-based developer with high-flying plans for a new Long Island aviation hub has earned an assist from the Town of Brookhaven Industrial Development Agency. The IDA on Tuesday announced its final approval of an economic-incentives package that will help Triple Five Aviation Industries LLC, a subsidiary of East Rutherford-based Triple Five Worldwide Group, redevelop the former Dowling College campus in Shirley into what the development agency called an “aviation…


Long Island pet-chow firm will stay, thanks to IDA

By GREGORY ZELLER // Long Island’s largest pet-food company seems likely to remain a Long Island company, thanks to man’s best friend – at least, a good friend of regional enterprise. The Suffolk County Industrial Development Agency has issued preliminarily approval of an economic-development package that would help Deer Park-based Health Extension Pet Care – doing business as Holistic Health Extension – purchase, renovate and equip a new headquarters building. According to the IDA, the…


Hempstead advances three key development projects

By GREGORY ZELLER // It’s been a busy week in the Town of Hempstead, where local economic-development officials have hit the gas on a multitude of projects. The Hempstead Industrial Development Agency on Tuesday approved the sale of Park Lake Residences, an affordable-housing complex located in the Village of Hempstead, and the reassignment of existing economic benefits to the complex’s new owner. The IDA also granted preliminary approval to an economic-benefits package that will allow…


Brookhaven IDA considers Amneal expansion plan

By GREGORY ZELLER // A rapidly growing drug-maker may be able to keep up with skyrocketing “business dynamics” on Long Island, with a little help from the Brookhaven Industrial Development Agency. The IDA on Wednesday announced that it has accepted an application for a tax-relief package from Amneal Pharmaceuticals LLC, designed to help the New Jersey-based generic-pharma manufacturer expand its Island operations. Amneal Pharmaceuticals, which weighs in as the fifth-largest U.S. generics manufacturer, already operates…


Central Islip snags $10M prize in Albany’s annual DRI

By GREGORY ZELLER // Following wins by Westbury in 2016 and Hicksville in 2017, Central Islip has earned the nod – and the $10 million prize – as the Long Island regional winner in Albany’s yearly downtown-revitalization competition. The 10 regional winners in the third-annual Downtown Regional Initiative contest – a statewide competitive-application process that doles out $10 million stipends to spruce up distressed downtowns in each of New York’s 10 economic-development zones – were…


Hempstead IDA’s busy (and slightly familiar) summer

By GREGORY ZELLER // We may be entering the dog days of summer, but the Town of Hempstead Industrial Development Agency is hardly lying down on the job. The local IDA recently greenlighted two incentives deals designed to spur economic development, one in the Village of Valley Stream and one in the Village of Hempstead, both of which are part of Hempstead Town. The deals involve a residential complex and a retail site – less-common…


One year later, Hicksville’s downtown gears up

By GREGORY ZELLER // Nearly a year after it was named the regional winner of Albany’s second-annual $100 million downtown-revitalization contest, Hicksville’s new downtown is beginning to take shape. Governor Andrew Cuomo’s office this week announced the start of four “transformational projects” for downtown Hicksville, a census-designated hamlet within the Town of Oyster Bay, via the $10 million Downtown Revitalization Initiative award Hicksville won in August 2017. The “strategic, transit-oriented development investments” will increase access…


Hamptons Business District lands key tax deal

By GREGORY ZELLER // The evolving Hamptons Business District has received another substantial shot in the arm. The Suffolk County Industrial Development Agency has issued preliminarily approval of a new tax-abatement package that will help developer Rechler at Gabreski LLC construct its third building at the expanding Westhampton Beach business hub, located on the grounds of the county’s Francis S. Gabreski Airport. According to the IDA, the developer is investing $10.8 million in a construction plan at…


IDA brings Commack senior rentals closer to home

By GREGORY ZELLER // Senior citizens in Commack are still waiting to score, but the Suffolk County Industrial Development Agency has already earned an assist. The Suffolk IDA on Monday announced preliminary approval of an economic-development incentives package that will help bring a long-awaited, $26 million revitalization project to fruition – though the project, which would replace an old motel with an age-restricted rental community for residents 55 and older, still requires final approvals from…


Heavy-hitting LI BioMentor Initiative makes it official

By GREGORY ZELLER // A high-octane effort to unite regional bioentrepreneurs with qualified business mentors has formally launched – though the Long Island BioMentor Initiative is already quite busy. The LIBMI officially accepted its first program applications in a “launch event” Thursday morning at the de Seversky Mansion on the New York Institute of Technology’s Old Westbury campus. But the BioMentor Initiative is already a year into a “pilot phase,” according to founding mentor Mark…


In the land of milk and Cuomo, opportunity flows

By GREGORY ZELLER // Unemployment’s down, personal income’s up and private-sector jobs across New York State have never been more plentiful. These statistical truths and more color Empire State Development Corp.’s 2017 Annual Report, a 128-page economic-development bouquet wherein the Fortune 500 flock to Cuomoland and a river of golden opportunity flows from the gleaming capital – more specifically, $1.8 billion in ED grants, loans and tax credits, dispersed by Albany over the 12 months…


Cuomo looks to expand state’s MWBE outreach efforts

By GREGORY ZELLER // Albany is looking to expand the reach of New York’s successful MWBE Program. While current state law attaches specific “utilization” goals to the awarding of state contracts, proposed legislation would tweak the rules to include municipal contracts funded by the state – meaning counties, towns and other jurisdictions that funnel state monies into local projects would also have to meet minority- and women-owned business enterprise quotas. Gov. Andrew Cuomo announced the…


Alive and well, Start-Up NY adds two LI biotechs

By GREGORY ZELLER // Two early-stage Long Island biotechs are among 10 new companies hitching their wagon to one of Albany’s primary business-development efforts. Start-Up NY, the Empire State Development Corp. program that boosts new and expanding businesses with tax breaks and innovative academic partnerships, is opening its books to welcome 10 new businesses in the Long Island and New York City regions. The businesses – which each will launch, expand or relocate in geographic…