Thursday, April 24, 2025
The Town of Hempstead Industrial Development Agency experienced a pivotal year as shifting market needs in 2024 led the agency to focus its assistance on projects aimed at addressing the serious shortage of rental housing in the town.
Six of the eight projects completed during 2024 were residential, while the remaining two involved office and warehouse buildings. According to town officials, the projects will generate positive economic impacts by transforming vacant or under used parcels to economically productive sites.
The IDA’s increased emphasis on housing matches the trend across Long Island and in Hempstead town, as the IDA approved eight residential projects in 2023.
Projects approved by the Hempstead IDA in 2024 resulted in new investments totaling $209.4 million. The eight projects are expected to create 987 construction industry jobs and more than 250 permanent full-time positions.
“The construction of these developments demonstrated the premium that open or under-utilized land command in the town,” Fred Parola, chief executive of the IDA, said in a news release. “These projects provided construction jobs and the assurance that residents in these communities will enjoy modern, affordable homes.”
“The fact that new residents will bring new customers to our downtowns along with jobs created by new office buildings will enhance the economic viability of our town,” he added.
2024 IDA projects
- PDG Baldwin Commons LLC, Baldwin: Replacement of an automobile storage lot with a 32,759-square-foot building featuring 33 workforce rental apartments—27 one-bedrooms and six two-bedrooms — along with a ground-floor leasing office and fitness center. Ten percent of the units will be handicapped accessible.
- CenterPoint Inwood LLC, Inwood: Development of a 138,245-square-foot, two-story high-ceiling warehouse on 8.7 acres of leased vacant land at 65 Rason Rd., the former site of a sewage treatment plant, where 25 employees are expected to work.
- Diocese Headquarters Redevelopment, Rockville Centre: Conversion of the now-vacant 60,011-square-foot former headquarters of the Diocese of Rockville Centre at 50 N. Park Ave. into Class-A office space, projected to house 235 employees.
- Inwood Property Development LLC, Inwood: Demolition of an existing building on Bayview Avenue to construct a 53,582-square-foot residential complex with 48 apartments—one studio, 15 one-bedrooms, 18 two-bedrooms, and 14 three-bedrooms.
- Promenade 360 LLC, Valley Stream: Renovation of a 13,538-square-foot building to create 15 rental apartments—one studio, nine one-bedroom units, and five two-bedroom units—along with a ground-floor retail store.
- West Jamaica Holdings, Valley Stream: Demolition of an 18,000-square-foot building to construct an 81,375-square-foot residential building, The Wellington, featuring 63 apartments—16 studios, 29 one-bedrooms, and 18 two-bedrooms—with 50 parking spaces.
Two other projects were in Floral Park.
The Town of Hempstead Industrial Development Agency is a public benefit organization authorized by New York state to promote economic development through financial assistance and tax relief. The agency helps qualified businesses relocate, expand, and build in Hempstead, New York’s largest town. IDA assistance has resulted in more than $2 billion in project financing and has contributed to the creation or retention of 11,000 permanent jobs.
For more information, visit TOHIDA.org or call (800) 593-3870.
