Nassau County IDA grants incentives for Plainview senior housing

Plainview, NY According to Nassau County executive Laura Curran, the Nassau County Industrial Development Agency (IDA) has approved a package of economic incentives that will assist a senior housing developer convert a shuttered hotel into a senior housing community.

The incentives agreement, approved by the agency at its April 18^th meeting, will assist Washington, D.C.-based Capitol Seniors Housing acquire the former Residence Inn by Marriott and convert the 170-room property into 111 housing units for adults 62 or older. The community is considered an independent living facility and will not provide medical care.

The $32 million project, expected to take two years to complete, would create 150 construction jobs, bring 38 new full-time positions to Nassau County, generate more revenues for taxing jurisdictions than the property now produces. The project is expected to inject $430 million into the county’s economy over the 20-year life of the incentives agreement.

“I am pleased that the IDA has approved this project, which not only benefits seniors in the county, but also will be beneficial to the economy of the county by assisting in the creation of private sector jobs and spending in the county,” said Curran.

“This is a unique project that will provide a more affordable residence alternative for seniors who want to remain close to their families,” said IDA Chairman Richard Kessel.