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A Woodbury-based developer has closed on property purchases that clear the way for its planned $50 million transit-oriented development near the Hicksville Long Island Rail Road station.
Questus Capital, headed by Rob DiNoto and Paul Posillico, has acquired three adjacent office buildings and a nearby medical office building as part of the company’s assemblage of properties at the 1.6-acre redevelopment site.
The development firm purchased the 35,455-square-foot, four-story office building on .23 acres at 76 North Broadway; the 18,000-square-foot, three-story office building on .46 acres at 80 North Broadway; and the 7,500-square-foot, two-story office building on .39 acres at 82 North Broadway for $8.2 million.
In addition, the company also bought a 1,440-square-foot medical office building on .09 acres at 7 Newbridge Road for $1 million.
Questus is planning to construct a mixed-use building that will bring 96 rental apartments over one level of parking and 3,500 square feet of retail space just two blocks from the Hicksville LIRR station. Amenities at the new complex, dubbed Fieldstone at North Broadway, will feature a clubroom, a fitness center, a business center and a raised outdoor courtyard. Ten percent of the apartments will be designated as workforce housing and offered at reduced rents.
The Nassau County Industrial Development Agency has given preliminary approval for economic incentives to the project, one of the first to be developed under Hicksville’s new downtown zoning created by the Town of Oyster Bay, which was approved in Feb. 2021. The new zoning, aimed at revitalizing the area, divided the existing Hicksville Downtown Central Business District into three new zoning districts surrounding the Hicksville LIRR station that will allow for a mix of multifamily housing, offices and a variety of retail uses.
The new zoning, which came three-and-a-half years after the town received a $10 million Downtown Revitalization Initiative grant from the state in August 2017, accommodates buildings ranging from two to four stories, a reduction of height from the current zoning which allowed buildings up to six stories or 60-feet high. The zoning districts cover an area bordered by West John Street on the north, Old Country Road on the south, Railroad Lane on the east and about three blocks west of Newbridge Road on the west.
Questus is planning to begin construction on the Hicksville project next year and expects it to take about 20 months to complete.
Guy Canzoneri, formerly of Five Point Real Estate and now with Berkshire Hathaway Laffey International Commercial Services, represented the buyer, as well as the sellers of the North Broadway properties, Ratnam Associates, and the Newbridge Road property, 7 Newbridge Road LLC, in the sales transactions.
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Image and article originally from libn.com. Read the original article here.