Hempstead IDA to assist $30.57M Valley Stream apartment project | Long Island Business News

The Town of Hempstead Industrial Development Agency has granted preliminary approval to provide economic incentives for a proposed transit-oriented rental housing project in the Village of Valley Stream. 

West Jamaica Holdings LLC, an entity owned by Alexander Rivero, CEO of Valley Stream-based homebuilder Paramount Construction, is planning to develop a five-story, 81,375-square-foot on a .57-acre lot at 54 and 68 W. Jamaica Ave. The development site is located just one block from the Valley Stream Long Island Rail Road station and two blocks from the downtown business district.   

The 63-unit apartment building will be replacing a former funeral home and a vacant single-family home. 

The transit-oriented project will bring 16 studio apartments, 29 one-bedroom units and 18 two-bedroom units. The average size of the apartments will be 743 square feet for studios, 962 square feet for one-bedroom units and 1,386 square feet for two-bedroom units.  

Monthly rents for the development have yet to be established. There will be 56 on-site parking spaces and other amenities will include a community room and rooftop deck, according to its IDA application.  

The Village of Valley Stream approved a zoning change for the property in June 2021 and granted the developer site-plan approval in May 2022. 

Incentives for the project, which include exemptions for mortgage recording and sales taxes, as well as a 20-year payment-in-lieu-of-taxes agreement, are subject to further IDA review, a public hearing, and a final authorizing resolution. The project is expected to generate 50 construction jobs and 1.5 full-time-equivalent permanent jobs. Construction on the apartment project is expected to start soon and take about 28 months to complete. 

“This project has the ability to help energize the Village of Valley Stream’s downtown business district while at the same time bringing much-needed rental housing to the town,” Fred Parola, CEO of the Hempstead IDA, said in a written statement.