Principle at TRITEC Real Estate Company, Robert Coughlan as well as other panelists spoke at HIA-LI Trade Show Executive Luncheon – LI Economic Revitalization Projects on May 21st 2015. They discussed plans, progress and benefits to upcoming projects to revitalize Long Island.
Coughlan spoke about the recently finished project New Village, In Patchogue, NY as well as the upcoming projects, the Ronkonkoma Hub in Ronkonkoma, NY and a apartment project in Port Jefferson NY. Coughlan explained the demographic for Long Island is changing and in order for Long Island to thrive, the community needs to support both economic growth and affordable yet, desirable housing options for beginning professionals. Coughlan also articulated how dramatically Patchogue’s downtown community has positively changed, and continues to evolve as intended since the finished project in 2014. With 70% of the occupants in New Village being between the ages of 19 and 40, and the retail vacancy being about 5%. This project has cleaned up a blighted neighborhood, not only has it created jobs, but it also It has increased the tax base. The project has influenced new restaurants and upscale stores with renovated facades to establish themselves in Patchogue. It provides housing that meets the changing demographics on Long Island, and it is a place that young people prefer to reside. TRITEC is doing exactly what was intended.
Coughlan expressed the benefits of these types of projects and how similar projects will be the key in successfully revitalizing the aging Island. The refreshment of Long Island will attract a younger generation. Not only will it make Long Island more appealing, but it will make Long Island a desired destination, comparable to Manhattan. This gives options to graduating college students in the local area, as well as graduates from afar who wish to work and live close to their families back home, or anyone who just wishes to relocate to the Island.
Recent graduates want to pursue a more financially viable opportunity, and seek places like Manhattan for the vast amount of job options. Deciding to start a career in Manhattan, they settle to reside in places like Queens, Brooklyn or the Bronx. In the NYC region there was an increase of 2.7% for private sector jobs. However, on Long Island the number of private sector jobs increased over the year from 7,900, or 0.7 percent, to 1,096,200 in April 2015. Proving further that the Island is becoming a place of financially viable opportunity. If there are career opportunities on Long Island the graduates will come; and they will need a desirable and convenient place to live.
Projects that will Revitalization Long Island
June 22 Tritec