Rebuilding a stretch of Covert Avenue in Floral Park took one step closer to becoming a reality on Tuesday.

The Town of Hempstead's Industrial Development Agency held a public hearing about potentially granting builders an economic incentives package for the multimillion-dollar project.

Six businesses on a block that make up what is now 41-61 Covert Ave. were destroyed in a September 2020 fire.

The Hillcrest of Floral Park LLC plans to build a nearly 36,000-square-foot multi-use building – the ground floor would house several storefronts. Above the businesses would be 12 apartments.

The company has requested from the IDA property tax exemptions for up to 20 years. Developers say the project would not turn a profit for that amount of time without benefits. Twenty years is twice the amount of time that the agency offers under its policy but they're considering it given the nature of the property.

Residents told News 12 it has come to be known as the pit, and they're anxious to see it redeveloped.

"I want to see it developed. I want Covert Avenue back," said Jeanine Springer, a Stewart Manor resident who lives near the empty block.

No community members opposed the financial assistance package at the meeting.

One concern was brought up by a resident – parking. An attorney for the builders explained that 19-covered spots are included in the plans and that the prior structure had no onsite parking.

A meeting to determine whether financial development incentives will be granted will happen on May 21.