Wyandanch Rising Fact Sheet
Plan calls for two buildings comprised of 176 rental units plus 37,000 square feet of retail space. The original plan also called for owner-occupied condos, but the developer claims they couldn’t secure financing for this type of development. They also claim there was no interest in owner-occupied space.
The apartments will be above the retail space. Both buildings are located on the site of a former shopping center which the town acquired in 2011 through eminent domain.
More than $9.9 million in local, state and federal grant money has been dedicated to this development -- including $2 million in state grants for sewage and $4 million in federal aid for the transit plaza. Babylon also received $6 million in state aid to stimulate job growth in the area.
The Town of Babylon bought 40 properties totalling $17 million and used acquired 10 more properties for $8.2 million using eminent domain . Babylon will spend an additional $20 million on 17 more properties.
Babylon will be spending several million more dollars on parks, transit plaza, and the sewer line.
The developer has collected $65 to $70 million for the two buildings in the form of private capital, tax credits, state subsidies and debt, according to Executive Vice President, George Aridas. The company acquired $17 million for the first building through federal tax credits for affordable housing.
The Babylon IDA will grant Albanese a 73.5 percent tax abatement for 40 years
on the first building and a 69 percent tax abatement for 30 years
on the second building. Because a portion of this projects is comprised of affordable housing, the IDA is making an exception to its rule about not granting tax abatements to residential developers.
For the retail space, the Babylon IDA will grant Albanese a 75 percent tax abatement
for the first five years, 50 percent
for the next five years and a 25 percent abatement
for the next five years.