Downtown Mineola $77M Housing Project to Boost Western Nassau's Economy

Image via Google Maps (The pictured Citibank branch and parking lot will be torn down to allow for construction of this project.)

A proposed $77 million transit-oriented apartment project in downtown Mineola has been approved by a Nassau County development agency Monday, according to Nassau County officials.

These new rental options, which would be located inside a 311,500-square-foot horseshoe-shaped building, are expected to bring a boosts to businesses in downtown Mineola and all of western Nassau, County Executive Edward P. Mangano said.

About 27 units in the 266-unit apartment building, located at 199 2nd St., will be affordable. The project also includes underground parking, ground-floor retail space and a village green. A Citibank branch and parking lot will be torn down to allow for construction of this project, officials said.

“This project, in the heart of Mineola, brings additional housing opportunities while generating millions in economic benefits for downtown shops and restaurants in Mineola and Garden City and Central Nassau’s concentration of employers, retail and cultural venues,” Mangano said in a press release.

This project, which was approved by the Nassau County Industrial Development Agency, will have Mineola Metro, an affiliate of Lake Success-based Lalezarian Properties, construct the apartments in close proximity to the Mineola Long Island Rail Road Station and the NICE Bus hub.

“This project will help meet the substantial unmet demand for affordable housing as well as market-rate rentals in Nassau County,” Executive Director of the IDA Joseph Kearney said. “Moreover, it will further the Village of Mineola’s downtown revitalization efforts.”

The replacement structure is expected to generate nearly $32 million in economic benefits for Nassau County and approximately $5.8 million in new taxes over the span of 20 years, officials said.

Construction of the apartment complex is expected start in Feb. 2016 and will take approximately 21 months.

About 160 full-time equivalent construction jobs will be created from this project, which will ultimately result in the creation of 18 permanent full-time equivalent jobs.

The Village of Mineola supports the economic development compact and has given approval of this project.