IDA closes on rental senior housing community

The Town of Brookhaven Industrial Development Agency recently closed on a package of economic incentives for the proposed 70-unit rental Senior Housing Community, to include both affordable and workforce housing, on Montauk Highway in East Moriches.

The Northwind Group plans to build The Preserve at East Moriches on a 22.32-acre vacant and wooded site. The project will include a 1,200-square-foot community building featuring walking paths and outdoor recreation areas to include horseshoe pits and picnic tables.

“This project, when built, will be a welcome addition to the housing options of East Moriches,” Frederick C. Braun III, chairman of the IDA, said. “We are excited to assist with this project.”

The Preserve at East Moriches package closed on Sept. 30 and the $25 million project was approved on Oct. 16, 2024. The exemption includes a 15-year Payment in Lieu of Taxes agreement (PILOT) of $561,000 in sales taxes and $112,050 in mortgage recording tax and reduced real estate taxes. The project is expected to bring in about $3.6 million in property taxes over 15 years.

The plan includes a total of 13 apartment buildings and a 1,200-square-foot community center. A total of seven apartments will be designated as affordable housing for residents whose incomes are at or below 80 percent of the area median income and seven apartments will be designated as workforce housing for residents whose incomes are at or below 120 percent.

About the Town of Brookhaven Industrial Development Agency 

Since 1970, the mission of the Town of Brookhaven Industrial Development Agency is to improve the quality of life for Brookhaven residents by promoting and assisting the growth of businesses that support the Town through capital investment and the creation and retention of jobs. The IDA has issued millions of dollars in tax-exempt or taxable bonds and provided assistance through straight lease deals to encourage companies to either locate or expand in the Town of Brookhaven. This assistance has been extended to companies both large and small and has resulted in the direct creation of thousands of jobs for Brookhaven residents. The IDA provides assistance to a wide range of companies, including Shoreham Energy LLC, Burmax, Intercounty Appliance, Suffolk Transportation, Tate’s Holding Co., and D&F Patchogue. For more information, visit BrookhavenIDA.org or call (631) 406-4244.