Middle Island, NY Frederick Braun III, chairman of the town of Brookhaven Industrial Development Agency (IDA) said that the IDA has closed on a package of economic incentives for a proposed senior rental complex.
The closing on Feb. 18, 2025, involved incentives for RA Oak Run LLC, which is owned by an affiliate Port Jefferson Station-based RA Oak Run LLC (RA Oak Run). RA Oak Run is part of The Crest Group family of companies, headquartered in Port Jefferson Station.
RA Oak Run, which is in contract to acquire 23.56 acres of vacant land at the northeast corner of Birchwood Park Dr. and Middle Country Rd., plans to construct a multi-family 55-and-older community with 74 townhomes totaling 100,000 s/f. Twenty percent of the townhomes will be affordable and workforce housing. The property will include a leasing office, an outdoor swimming pool, an indoor fitness center, and an outdoor recreational area.
The project, approved by the IDA board on Nov. 20, is expected to cost $35.1 million.
“We are happy to assist this project in an area of the town in need of redevelopment. It will provide much-needed additional rental housing for our residents,” said Braun.
When Environmental Site Assessments (ESA) were first part of commercial real estate risk management, it was the lenders driving this requirement. When a borrower wanted a loan on a property, banks would utilize a list of “Approved Consultants” to order the report on both refinances and purchases.