Long Beach meeting tackles tax break for condo development

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LONG BEACH -

An informational meeting held Tuesday evening in Long Beach addressed tax breaks for a developer planning a high-rise condominium complex off the city's boardwalk.

As News 12 has reported, the Nassau County Industrial Development Agency last year voted to deny developer iStar Financial's request for a $129 million tax break, and later denied a bid for $109 million in breaks, to build two luxury, oceanfront towers on a piece of property known as "Superblock." The twin 15-story towers would contain 522 units.

City officials say the developer is set to file its third request with the IDA for a tax abatement of $82 million.

Bob Spolzino, the city's special counsel for the project, says that if iStar does not get the tax break, there would likely be a lawsuit filed, resulting in the property sitting vacant for longer.

Leaders representing the construction unions say the sooner they get the property opened and can start building, the better. Richard O'Kane, president of Nassau Suffolk Building Trades, says he believes building the towers will make money for the Long Beach, and he is hoping the IDA gives the developer the tax break for which it is asking.

The Long Beach comptroller estimates that with the tax breaks, they will still see an estimated $21 million in revenue for the city in the first 10 years. Residents like Joanne Rea say they are worried about what impact the project would have on the school district and what the project will do to residents' school tax bills.

Residents eventually wrote down their questions that were answered later in the evening.

News 12 reached out to iStar Financial for comment but did not hear back. The Nassau IDA declined to comment.

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