The Nassau County Industrial Development Agency has approved tax breaks for an apartment building in Glen Cove at its November meeting.
The project will cost $12.5 million to develop and will result in a 29-unit building at 115 Glen St., where a vacant auto-body repair shop currently stands.
The financial assistance awarded to the developer includes an exemption from the mortgage recording tax, excluding the portion allocated to transportation districts. The exemption amounts to $71,250, according to published reports.
The developer, 115 Glen Street Property Owner LLC, was also approved for a 15-year payment-in-lieu-of-taxes agreement.
A spokesperson for the developer stated that the building is expected to take approximately 18 months to complete.
The building will include four low-income units, which are reserved for renters making below 80% of the area’s median income. The project will feature eight studio apartments, 16 one-bedroom units, and five two-bedroom units. All 42 parking spaces will be at ground level, and the units will all rise two stories above that.
The Glen Cove Senior Center, located across the street, has been using the lot for parking for years.
“Hopefully, there will be minimal disruption for the seniors,” said Dan Deegan, an attorney for the developer.
He said the LLC is in conversations with local businesses to use their parking for seniors while the building is under construction. The developer has agreed to set aside 13 spots for the senior center once complete.
Nassau County IDA member Reggie Spinello said the project won’t have adverse effects on Glen Cove’s infrastructure. “Something else could have gone there, and there could have been nothing for the seniors,” he said regarding concerns for the senior center, according to published reports.
