Proposed Inwood project seeks 25-year PILOT

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Though there was whispers of dissent from some in the Five Towns, only one resident attended the Monday Town of Hempstead Industrial Development Agency public hearing on whether a proposed five-story mixed use project in Inwood should receive the customary 10-year PILOT (payment in lieu of taxes) agreement or a 25-year deal.

A limited liability company, 25 Wanser LLC, asked for the financial assistance to demolish four buildings and construct a new apartment complex with a retail component at the intersection of Bayview Avenue and Russell Place in Inwood with the hopes of generating increased economic activity in the area.

The IDA is considering a 25-year PILOT because of the projects estimated cost – more $150 million.

At 50 feet tall, the building would also exceed the allowable building height. Town code allows buildings that are not single-family residences to be no higher than three stories or 45 feet, except a church. Single-family residences can be no more than 2.5 stories with a maximum height of 30 feet.

The new complex would contain 313 apartments, 250 market-rate units with the retail component amounting to less than 10 percent of the project and 63 apartments for tenants with incomes at or below 60 percent of the area’s median income, which in 2019 was $57,723, according to Data USA.

Frederick Parola, the IDA’s executive director and chief executive officer and Michael Lodato, the executive deputy director, ran the hearing held at the Hempstead Town Hall courtroom on Front Street in Hempstead. The IDA is a nonprofit public benefit agency that assists businesses build, expand and relocate to the town.

In reviewing the benefits of such a project Parola said: “You are creating economic activity, folks that are coming here are shopping in local stores, so there is sales tax generation, we call the ripple effect.” He added, “The presence of a project such as this has incredible benefits from a financial state of mind to the area.”

The Lawrence Civic Association issued a statement opposing approving the PILOT because it could increase traffic congestion in an already high-volume area, deepening the existing challenges for emergency vehicles and evacuation

“We are surrounded by developments along the LIRR including, Far Rockaway (Mott Avenue), Inwood by Redfern Avenue [in] North Lawrence, the [proposed] Pearsall development in Cedarhurst on Rockaway Turnpike, a proposed boys yeshiva high school on Rockaway Turnpike, the Woodmere Club [and] the new Amazon building on Rockaway Turnpike,” Jacqueline Handel, the civic association’s president stated. “We are looking at thousands of apartments and with that cars! Has the Town of Hempstead tested evacuations in our area?”

On the Lawrence District 15 Residents Facebook page, Josh Justic urged resident to oppose the proposed project and attend the hearing. “And yet the specter of more over development has reared its ugly head,” he posted. One Lawrence resident attended the meeting IDA officials said..

No decision to approve the 25-year PILOT was made on Sept. 20. Parola said it is unknown at this time when a determination would be reached.