Developer of Floral Park rental project seeks IDA benefits | Long Island Business News

The developer of a planned $12 million apartment project has applied for economic incentives from the Town of Hempstead Industrial Development Agency. 

Centennial Holdings LLC, an entity owned by Hewlett-based developer Guy Fried, is planning to redevelop the .48-acre site of Centennial Hall at 29 Tulip Ave. in Floral Park into a residential rental building. The transit-oriented development is located just up the block from the Floral Park Long Island Rail Road station. 

Centennial Holdings purchased the existing building from the Village of Floral Park for $1.2 million at the end of 2019, according to public records. The building, which has stood at the intersection of Carnation Avenue and Tulip Avenue since 1925, was originally constructed as a Masonic temple. Renamed Centennial Hall, the village bought it for $1.5 million in 2004 and it later housed the Floral Park Historical Society Museum.   

The developer’s plan calls for replacing the existing structure with a new four-story, 30,512-square-foot building with 24 apartments. The new building will have 12 one-bedroom, one-bathroom apartments and 12 two-bedroom, two-bathroom apartments on the second, third and fourth floors, with parking for residents on the ground level. 

Centennial Holdings is seeking exemptions of mortgage recording and sales taxes, along with a 20-year payment-in-lieu-of-taxes agreement from the Hempstead IDA, according to its application. 

The developer plans to begin construction this fall and expects the project to be completed in the first quarter of 2025. 

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