The Town of Hempstead Industrial Development Agency will explore giving economic incentives to assist an $84 million project in Inwood.
The IDA approved a due diligence resolution that will permit it to investigate tax breaks for the construction of a 138,245-square-foot warehouse on the 8.7-acre site of a former sewage treatment plant at 65 Rason Road.
The total cost of the project includes $30 million to acquire the site, according to an IDA document.
The project is being proposed by CenterPoint Inwood LLC, an affiliate of CenterPoint Properties Trust, which is owned jointly by the California Public Employees’ Retirement System and Chicago-based LaSalle Investment Management, according to an IDA statement.
The Inwood project, which could generate 75 construction jobs and 25 full-time permanent jobs, requires town site plan approval, construction of a wetlands buffer as well as a cleanup of debris dumped at the site, located less than 2 miles from JFK Airport. The developer will have to file an application with the IDA, undergo a further review and a public hearing and obtain final approval in order to receive the IDA benefits.
“This proposed project has the potential to boost economic activity in the town by providing a modern warehouse building in an area where such space is in short supply,” Fred Parola, CEO of the Hempstead IDA, said in the statement. “We are pleased to begin the process of incentivizing the project.”
Read More: IDA explores $84M Inwood industrial project