Preliminary Approval For Substantial Renovations At Troubled Hempstead Housing Complex

HEMPSTEAD, NY — An investment group has received preliminary approval to purchase and renovate a troubled housing complex in Hempstead Village.

The Town of Hempstead Industrial Development Agency signed off on the benefits package for Hempstead Preservation LLC, an affiliate of Hudson Valley Property Group. They plan to purchase 100 Terrace Ave, a federally subsidized apartment complex which, since its completion in 1972, been wracked by crime, drugs, and violence, the IDA said.

The benefits package for the $147 million project is subject to further review, a public hearing and a final authorizing resolution by the IDA.

The sprawling, block-wide complex, six-story, brick building with 420 apartments, has been owned since 2007 by 100 Terrace LLC, which is operating the property under an IDA benefits package with two years remaining.

Hempstead Preservation said it intends to complete substantial renovations at the property, including but not limited to building modernization, kitchen and bathroom upgrades, and overall quality of life improvements.

The renovations will also include elevator upgrades, repairs, parking garage repairs, security
overhaul, including high-resolution and night vision security, as well as refurbishing of the Hempstead Police Department substation.

Plus, the developer will offer free site-wide Wi-Fi in both the apartments and common
areas.

Construction is expected to take 18 months, and residents will not be displaced during the renovations, the IDA said.