Brookhaven IDA Closes Package On Farmingville Rental Complex

FARMINGVILLE, NY — Brookhaven’s Industrial Development Agency recently closed on an incentives package for Brookhaven Venture, LLC to construct a $135 million project — dubbed The Arboretum at Farmingville — that contains 292 housing units, as well as a seven-acre public park and community facilities in Farmingville.

The roughly 62-acre Horseblock Road complex will be a mix of 164 two-bed and bathroom units; 77 two or three-bedroom townhomes with between two and two-and-a-half bedroom units; and 51 single-family detached-style cottages with three or four-bedrooms, officials said in a news release.

The Payments In Lieu of Taxes Savings are estimated at roughly $10 million, according to IDA spokesman Alan Wax. The Mortgage Recording Tax savings and Sales and Use tax exemption are about $678,00 and $5.2 million, respectively, Wax said, noting that "they might end up being less."

Ten percent of the housing units will be designated affordable housing.

Brookhaven IDA Chairman Frederick Braun stated in the news release that “safe and legal rental units are much-needed on Long Island and we welcome projects such as this.”

“Housing options like these will hopefully stop the ‘brain drain’ of our younger generation of Long Islanders from leaving the area because they cannot afford to live here,” he added.

Meredith Marshall, co-founder and managing partner at BRP Companies, which is spearheading the project, added that staffers are thrilled to be making their “foray into the Long Island market with the development of needed residential and affordable housing options in the area as well as a park amenity for the community.”

“We’re looking forward to watching this project come to fruition and to our continued work with the Town of Brookhaven and all project partners,” she added.