[ad_1]
Listen to this articleA $48 million project to build a warehouse in Inwood has received preliminary approval for economic incentives from the Town of Hempstead Industrial Development Agency.
AIREF JFK IC LCC, an affiliate of global real estate investor Los Angeles-based Ares Industrial Real Estate Fund LP, is planning to build a 68,000-square-foot warehouse on 3.68 acres at 175 Roger Ave.
The once polluted site, located less than five miles from the cargo terminal at JFK International Airport, was once the home of Rockaway Metals and was later owned by Nassau County. AIREF purchased the property in June, according to an IDA statement.
As part of the project, AIREF intends to demolish a single-family home at 41 Cerro St., which is adjacent to the Roger Avenue property. The proposed warehouse, which could be leased to one or two tenants, will feature 14 loading docks and one drive-in door. There will be parking for 68 vehicles, with two parking stalls served by electric vehicle charging. The project, subject to further review by the IDA, a public hearing and a final authorizing resolution, is expected to create 50 construction jobs and 12 permanent positions.
Construction on the AIREF project is expected to start in March 2024.
“This project, should it obtain final approval, will transform a long-blighted property into productive use, an active employment center, and return it to the tax rolls,” Hempstead IDA CEO Fred Parola said in the statement. “We welcome Ares’ interest and potential investment in the Town of Hempstead.”
Earlier this year, the Hempstead IDA provided economic incentives for another Inwood warehouse project. The $84 million development from CenterPoint Inwood LLC, an affiliate of CenterPoint Properties Trust, is slated to bring a two-story, 138,245-square-foot warehouse on 8.7 acres of leased vacant land that formerly housed a sewage-treatment plant at 65 Rason Road.
[ad_2]
Source link