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News

Babylon IDA to buy Sayonara Motel, may turn it into incubator space for entrepreneurs

May 14, 2019
Newsday

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The site of a former Amityville motel that sustained two fires, including one in 2014 that killed a man, is being eyed for redevelopment to offer a shared workspace for local entrepreneurs.

The Babylon Industrial Development Agency is buying the Sayonara Motel and working with the business community to create a co-working office space.

The IDA, a public authority that grants tax breaks to projects with industrial uses or workforce housing and that create or retain jobs, has agreed to buy the property from owner Parkway Hospitality Group LLC for $710,000 and pay for costly read more ››

Sand City Brewing Co. is eyeing the old CVS for Lindenhurst location

April 17, 2019
GreaterBabylon

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The owners of the popular Sand City Brewing Co. are looking to use Route 110 more often.

The Northport brewery is eyeing the old vacant CVS Pharmacy building at 150 South Wellwood Avenue for a new location.

And plans to take over the 10,000-square-foot building were given a boost Wednesday morning, when the Babylon Industrial Development Agency gave the company the go-ahead to start the IDA process for tax breaks.

“With the things going on in Lindenhurst, we believe this an economic development project, but also a community development as this building has sat vacant read more ››

Longtime Lindenhurst company moves within town after selling flagship

April 2, 2019
Newsday

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Lakeville Kitchen & Bath, a fixture in the Lindenhurst community that sold its headquarters to an apartment complex developer, relocated to West Babylon and Farmingdale thanks in part to a tax break.

The company sold its longtime property off East Hoffman Avenue, across from the Lindenhurst train station, to East Setauket-based Tritec Real Estate for $11.4 million. Tritec plans to build a 260-unit apartment complex.

The new showroom and offices are at 140 Broadhollow Rd. in Farmingdale, along what’s known as “furniture alley” because of the prevalence of furniture stores read more ››

Developer of Deer Park school building gets $21 million tax break

March 28, 2019
Newsday

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The developers of a 200-unit apartment complex coming to a former school property in Deer Park will get a $21 million — or almost 50 percent — tax cut to build the new facility.

The Babylon Industrial Development Agency, a public authority that grants tax breaks to projects with industrial uses or workforce housing and that create or retain jobs, voted unanimously Wednesday to grant developer Engel Burman’s request to pay $22 million in property taxes over 30 years, instead of the $43 million the developed property would yield.

Engel Burman is purchasing the shuttered George read more ››

How Affordable Housing Can Improve the American Economy

February 5, 2019
City Lab

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Housing is a big part of America’s story of innovation, productivity, and economic growth. For much of the industrial 20th century, housing helped to drive the economy by stimulating demand. Building more housing—especially in the suburbs—stoked the demand for more cars, washing machines, and other durable goods from America’s factories, creating good jobs for American workers and setting in motion a virtuous circle of economic growth.

But housing plays a very different role in today’s knowledge economy, where innovation and growth stimulate the clustering of knowledge, talent, and read more ››

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Babylon IDA
47 West Main Street - Suite 3
Babylon, NY 11702
Tel: 631-587-3679
info@babylonida.org