listen to this articleA project to redevelop a Valley Stream office building into rental apartments has received preliminary approval for economic incentives from the Town of Hempstead Industrial Development Authority.
Promenade 360 LLC, owned by local developer Vasilios (Bill) Kefalas, plans a complete renovation of the 13,549-square-foot building on a 0.38-acre site at 360A W. Merrick Road.
The $4.7 million project will include 15 apartments, 517 square feet of retail space and 1,801 square feet of common area, according to a statement from the IDA.
Hempstead IDA has two previous projects: a six-story, 43-unit mixed-use building called The Promenade on North Central Avenue, and a three-story, 17-unit residential building at 50 Roosevelt Avenue. Assisted Kefalas with two projects, including the Vantage at Roosevelt. .
IDA says the new project in Kefalas will create 20 construction jobs and one part-time full-time position. It is expected to take a year to complete.
“If ultimately approved, this proposed project would ultimately increase the community’s tax base while providing much-needed savings to the town,” Hempstead IDA CEO Fred Parola said in a statement. This will continue to increase the number of high-quality rental homes available.”
