Long Island Development Called "Significant"
Jotham Sederstrom Nov. 3, 2011, 9:32 a.m.
A mixed-use development project for downtown Hempstead, Long Island, was officially deemed a “Project of Regional Significance,” by the Long Island Regional Planning Council, it was announced yesterday.
The redevelopment is a Public-Private Partnership between Renaissance Downtowns-Urban America (RDUA) and the Village of Hempstead set to rise around the Long Island Railroad station and the town’s bus depot.
Renaissance Downtown was recently named the developer in what is slated to be a $2 billion project.
“Not just about rebuilding a block [but] re-imagining what was once the true downtown hub of Nassau County,” said Brandon Palanker, vice president at Renaissance.
The designation will help garner seed funding and state funding for the project, said Mr. Palanker.
The project claims it will add 3,500 permanent jobs to the area, which has become blighted in recent years, and 10,000 during construction.
Mr. Palanker said the job creation numbers have generated high-level interest in helping to fund the project.
The project will also add much needed housing. “Long Island is terribly underserved in rentals, so the rental component is tremendous,” said Mr. Palanker.
The project hopes to attract retail, commercial, cultural and housing tenants. It is expected to take ten years to build.