Aug 04, 2021

Nesconset industrial project gets IDA assist

A project to construct three multi-tenant industrial buildings in Nesconset will get help from the Suffolk County Industrial Development Agency.

The Suffolk IDA approved preliminary approval for the project by Ronkonkoma-based O’Shea Properties that will create a total of 60,000 square feet of industrial space with up to 27 individual units designed to meet the needs of smaller users.

The project is estimated to create 135 full-time jobs with average salaries ranging from $40,452 to $64,763 per year, according to an IDA statement.

The new development at 104 Lake Avenue South project will create three 19,758-square-foot buildings on 4 acres of land. Each of the 27 industrial units will range between 1,900 and 2,700 square feet and offer a majority of warehouse space with a small portion of each set aside for an office component.

Currently, the vacant property provides about $3,100 per year in property taxes. Upon year one of the 15-year agreement with the IDA, the tax revenue will increase to $62,000, escalating to more than $111,000 per year in the final year of the project term.

Read more at Long Island Business News…