This $100 million-plus development will include 291 rental apartments, 46,000 square feet of retail space and 18,000 square feet of office space at the Four Corners intersection in Patchogue Village.
Already under construction, tenants are expected to begin moving in next Spring, with completion of the project in the Summer of 2014. Residents are taken aback by how close to the street the frontage of this construction is. The artists renderings show ample, tree-lined sidewalks, but passersby do not see any room for that.
Prior to construction, the developer stated the rents would be as follows: studio - $1,450/mo., 1BR - $1,850, 2BRs - $2,400, and 3BRs - $2,850. Now that construction is underway, however, the developer says rents will start at $2,050 (see sidebar for public reactions to rental prices). They will not clarify whether this starting price applies to the studios or the 1BRs.
Prior to construction, the developer stated that apartments would range from 450 square feet for a studio to 1,300 square feet for a three-bedroom; the average unit will be 900 square feet.
For the commercial, retail, and office portions of this project, the developer was awarded a ten-year tax abatement. For the residential portion, they received a fifteen-year abatement.