BROOKHAVEN INDUSTRIAL DEVELOPMENT AGENCY ACCEPTS APPLICATION FOR PORT JEFFERSON APARTMENT COMPLEX

08/26/15

FARMINGVILLE, NY (July 15, 2015) – Frederick C. Braun III, chairman of the Town of Brookhaven Industrial Development Agency, announced that the Agency has accepted an application for assistance from a developer planning to construct rental apartments on the site of a former boatyard in Port Jefferson.

Developer Northwind Group LLC of Hauppauge, operating as Overbay LLC, has filed an application seeking assistance for the $9.5 million project, which involves demolition of buildings that have been vacant for five years and redevelopment of the property with two 35-foot high, three-story residential buildings containing 52 apartments. The project is at 217 W. Broadway, opposite Port Jefferson Harbor. Rents are expected to range from $1,800 to $2,200. Northwind, owned and operated by Jim Tsunis, previously has constructed homes throughout Brookhaven Town. The IDA will consider the application over the next few months, but first it must schedule and hold a public hearing. The project, which has conditional site plan approval from the Village of Port Jefferson, is expected to result in the creation of 2 new permanent jobs and 150 construction jobs over two years. The 1.8-acre site housed a mansion known as Overbay until a 1940 fire. “We’re pleased to consider this application for this project, which will grow the much needed supply of rental housing near to Stony Brook University and Port Jefferson’s Mather and St. Charles Hospitals.” said Braun. This year, the IDA has already assisted 9 commercial projects including Rail Realty, an apartment complex in upper Port Jefferson Village, Crestwood, a milk distributor, and Meadows at Yaphank Phase 1, a mixed-use development in Yaphank. The Brookhaven IDA has 11 additional projects under consideration with the potential to create and retain 2,000 jobs and result in $225 million in investment to the community.

About the Town of Brookhaven Industrial Development Agency
Since 1971, the mission of the Brookhaven Industrial Development Agency has been to promote the economic welfare and prosperity of the Town of Brookhaven by assisting in the acquisition, construction, reconstruction, and equipping of commercial and industrial facilities. The IDA has issued millions of dollars in tax-exempt or taxable bonds and provided assistance through straight lease deals to encourage companies to either locate or expand in the Town of Brookhaven. This assistance has been extended to companies both large and small, and has resulted in the direct creation of thousands of jobs for Brookhaven residents. The IDA has provided assistance to a wide range of companies, including Tate's, Amneal Pharmaceuticals, Precision International, LI Precast, Woodcrest, Uncle Wally's, and Framerica. For more information visit BrookhavenIDA.org or call 631-451-6563.

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