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AVR Realty Seeks Incentives for $231M Mixed-Use Project

FARMINGVILLE, NY—AVR Realty Co. of Yonkers, NY has filed an application with the Brookhaven Industrial Development Agency seeking economic assistance for the development of Phase 1 of its Meadows at Yaphank mixed-use project.

The Meadows at Yaphank is a $231 million, mixed-use, master planned sustainable community on 322 acres that will include a mix of 850 housing units, a 220-room hotel and 327,000 square feet of retail space. The project site is located at the northwest corner of the Long Island Expressway and William Floyd Parkway (Exit 68), in Yaphank.

The proposed project includes a mix of residential, retail, office/flex, restaurants, and a hotel. Phase 1 includes 240 residences that will feature a mix of town houses, condos and rentals. Brookhaven Town Supervisor Edward P. Romaine and Brookhaven Industrial Development Agency Chairman Frederick C. Braun, III announced AVR Realty’s application to the Brookhaven IDA.

“The Meadows at Yaphank is a great opportunity to provide rental housing at a time when it is in great demand,” says Braun.

Supervisor Romaine adds that he is pleased  the IDA will consider granting incentives for the Meadows project, which he notes has the “potential to provide a much-needed economic jolt for the town and surrounding area.”

Estimates are that the 10-year-long overall project would result in the creation of 811 full-time-equivalent construction jobs and 2,681 permanent full-time-equivalent positions and have an overall economic impact of more than $351 million.

The process for AVR’s application calls for a future, as yet unscheduled, public hearing, to be followed by possible final approval by the IDA.

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