Brookhaven IDA closes 13 projects totaling $187 million during 2015

Frederick Braun III, Brookhaven IDA

Farmingdale, NY The Brookhaven Industrial Development Agency (IDA) had a good year in 2015 and officials of the economic development agency expect 2016 to be significantly better.

The agency closed on 13 economic development projects – which included affordable, residential apartments throughout the town, senior housing projects in Holtsville and Patchogue and the adaptive re-use of industrial buildings—creating or retaining 1,200 permanent and construction jobs and bringing private investments totaling more than $187 million into Brookhaven.

The projects will result in 229 jobs being retained and the creation of 228 full-time-equivalent permanent jobs along with 724 construction jobs. Additional projects approved during 2015, however, are expected to close later this year.  The Agency anticipates that private in estment in the town will swell to at least $438 million in the current calendar year.

The results were announced at the agency’s January 13^th board meeting.

“The 13 job-creating projects supported by the Brookhaven IDA in 2015 will provide a significant boost to our town’s economy,” said Frederick Braun, III, chairman of the IDA. “We are also pleased with the diversity of projects supported, both large and small, from a wide range of business sectors.”

The agency’s biggest project that closed in 2015 was the $51.5 million phase one of the Meadows at Yaphank, a mixed-use project that ultimately will include 850 residential housing units, 327,000 s/f of retail space, 550,000 s/f of office space and a 120-room hotel, all at William Floyd Parkway, north of the Long Island Expressway.

Not far behind was the $41.1 million, 128-unit, Bristal Assisted Living Facility now being built in Holtsville by HSRB-EB Holtsville.

Other projects closed during 2015 were: Rail Realty, a $21 million apartment complex in Port Jefferson Village; D&Amp;F Patchogue, a $17.2 million assisted living facility in Patchogue; Crestwood Farms, a $1.5 million adaptive re-use of a refrigerated warehouse in Yaphank; J-CAD Realty, a $2.3 million adaptive re-use project in Holtsville; Aarco, the adaptive re-use of the former Insula Dome building in Yaphank by a distributor of educational supplies and visual displays; and the purchase of the Sayville Browning Courtyard by Marriott Hotel in Ronkonkoma and the adjacent site for a planned Homewood Suites Hotel by Excel Holdings of Arlington, Virginia.