Nassau IDA Greenlights Tax Breaks for Exciting Mineola Housing Projects!

Exciting news is brewing in Mineola as the Nassau County Industrial Development Agency has approved a significant investment that promises to transform the community! Three dynamic housing developments, totaling an impressive 592 units, are set to rise near the Mineola train station, bringing new energy and life to a previously struggling area.

With a jaw-dropping $354 million backing from developer Kevin Lalezarian, this project is not just about constructing buildings; it’s about rejuvenating a village that Mayor Paul Pereira describes as “very depressed.” This initiative is a crucial step in Mineola’s commitment to expanding its housing options, with 12%—that’s 72 units—earmarked as affordable housing. A win-win for all!

“By maximizing these underutilized properties, we’re not just boosting our tax base; we’re also providing a much-needed boost to local businesses and the community at large,” says Sheldon Shrenkel, CEO of the IDA. With the close proximity to the Mineola train station and Roosevelt Field shopping mall, these projects are positioned to be a game changer for Nassau County, and we can’t wait to see them come to life!

Just this past February, Mineola was certified as a “pro-housing” community by the state, recognizing its dedication to expanding housing opportunities. Over the last 12 years, the village has successfully added over 1,100 multifamily apartment units, raising the total to at least 3,000. Progress is happening, and it’s happening fast!

“These units are consistently in demand,” Pereira shared. “Young professionals and empty nesters alike are eager to call this place home, adding tremendous value to our village.”

The new developments will spring up at 120 Third St., 125 Third St., and 111 Second St., locations that currently sit under the veil of darkness in the evenings, almost like “ghost towns.” However, the IDA’s approval on December 19 for a 25-year tax incentive package aims to turn this around. Expect a vibrant mix of one- and two-bedroom units that will breathe life back into these streets.

For instance, the Second Street development will embrace 92 units on vacant land, backed by a substantial sales tax exemption. The two Third Street buildings will offer an impressive 250 units each, with generous tax exemptions to kickstart their construction. Plus, an outdated parking garage and an old office building will be demolished to clear the way for this exciting new venture!

And it gets even better! A park will be constructed adjacent to the Second Street development, complete with a playground and a putting green, making it a fantastic spot for families and residents to enjoy.

Prepare for a steady increase in the tax rate—2% annually starting after the first year, but it’s a small price to pay for the incredible improvements on the horizon, according to Shrenkel.

This isn’t Lalezarian’s first rodeo with Mineola either. Back in 2015, he received tax breaks for a 266-unit development near the train station, further demonstrating his commitment to revitalizing the area.

“We’re excited about these projects and confident they will enhance the downtown Mineola narrative by replacing blighted structures with much-needed housing,” Lalezarian declared.

CORRECTION: An earlier version mistakenly identified a building in Mineola as a Third Street site for one of the planned developments.