- Tritec News
Ronkonkoma Hub (Finally) Gets Its Brookhaven IDA Deal
The ambitious Ronkonkoma Hub development project has at long last secured an incentives package from the Town of Brookhaven Industrial Development Agency.
The tax-abatement deal has been a long time coming: Phase 1 of Tritec Real Estate Co.’s $538 million, transit-oriented commercial and residential master plan actually earned unanimous approval in 2014 for a Brookhaven IDA economic-benefits package.
But the long-discussed project – “soon expected to break ground,” according to the IDA – required several approvals to close the IDA incentives deal, which also hinged on Tritec and partners snapping up various private properties within the proposed Ronkonkoma Hub zone.
With development agency directors satisfied by Tritec’s progress on sewer connections and other requirements, the closing of the delayed incentives deal “has been well worth the wait,” according to Brookhaven IDA Chairman Frederick Braun III.
“We are thankful for the Industrial Development Agency’s hard work and efforts in their support of this regionally transformative development,” Tritec principal Robert Coughlan said Wednesday. “Without their support, this project, and the tremendous economic benefits it will produce, would not become a reality.”
Read the full article in Innovate Long Island.