Suffolk County IDA approves support for $22.5 million Cornerstone Kings Park development

Hauppauge, NY The Suffolk County Industrial Development Agency (IDA) has approved a financial assistance package for Cornerstone Kings Park, a $22.5 million 46-unit multifamily residential development planned for Kings Park. The project will replace a long-shuttered restaurant with a three-story residential building, which is expected to be a centerpiece of an ongoing revitalization plan in downtown Kings Park, designed to generate foot traffic, increase local spending, and support nearby small businesses.

The project was fully vetted and approved by the town of Smithtown’s Zoning Board of Appeals, with environmental and geotechnical assessments identifying no concerns. An independent cost-benefit analysis conducted by Grow America, a national economic development nonprofit, recommended approval of the PILOT agreement.

“This development will bring much-needed housing to the community and generate almost $2 million in public benefits over 15 years,” said Kelly Murphy, executive director and CEO of the Suffolk County IDA. “It is a responsible investment that balances growth with fiscal benefit and community needs.”

The residential development will include two studio apartments, 25 one-bedroom units, 10 one-bedroom units with offices, and nine two-bedroom units, with five of the total units designated as affordable workforce housing. Residents will enjoy secure access, a fitness center, a club room, and in-unit amenities, including high ceilings, washers and dryers, quartz countertops, and stainless steel appliances.

The site will feature 137 parking spaces, including 29 below-grade spots to avoid burdening local downtown parking. The existing fully occupied retail buildings will remain and continue to pay full taxes.

“We are proud to invest in King’s Park. This project will not only create exceptional housing, it will support local businesses while respecting the neighborhood’s unique character,” said Anthony Bartone, managing partner of Terwilliger & Bartone Properties. “None of this would be possible without the critical support from the Suffolk County IDA.”

Located within walking distance of the Long Island Railroad Kings Park station, the development is designated as a Transit Oriented Development (TOD), as it aims to maximize access to public transit, reduce reliance on personal vehicles, and encourage foot traffic to local businesses.

Construction will create approximately 90 construction jobs and is anticipated to begin in September 2025 and be completed within two years.

“This project brings together all the hallmarks of smart development — high-quality housing, walkability, transit-oriented, and alignment with community planning priorities,” said Kelly Murphy. “Cornerstone Kings Park will provide increased real estate tax revenue for the county, sustainable support to local small businesses, service providers, and community institutions.”

The Suffolk County Industrial Development Agency (IDA) is a public benefit corporation of the State of New York. The purpose of the agency is to promote economic development within Suffolk County. The operations of the agency are not supported by taxpayer funds, but rather by fees generated from applicants. The Suffolk County IDA works in collaboration with Suffolk County executive Edward Romaine and the Suffolk County Department of Economic Development and Planning to foster growth and job creation.