Westbury, NY - June 29, 2016 - Nassau County Executive Edward P. Mangano announced today that the Industrial Development Agency (IDA) approved an economic compact on June 28th that allows a developer to redevelop an underperforming Westbury office building into a pioneering telecommunications hub and bring new high-paying technology jobs to Nassau County.
“This unique project will help generate high-paying technology jobs in Nassau County, which are necessary for the long-term success of our economy” said County Executive Mangano. “This transformative project will reposition an underperforming commercial property in an economically diverse area into a technology driven hub of economic activity.”
The project is expected to have a positive economic benefit to Nassau County of more than $165 million. The developer, 1025 OCR along with Mazel Productions, anticipates adding new 27 employees at the site and another 65 employees working for various tenants in the building. In addition, the project is anticipated to produce at least 30 construction jobs. The developer will spend $20.75 million to upgrade the infrastructure and power supply of a 165,395-square-foot building at 1025 Old Country Road in Westbury. A second, adjacent building, at 51 State Street in Westbury, is to be demolished and its site used for parking. The proposed renovations, which will take 60-84 months to complete, are aimed at creating a telecommunications hub that leverages existing infrastructure and technology at the four-story property, part of which originally were constructed in the 1950s and since expanded.
As a result of the renovations, the developer anticipates high-paying technology jobs will be created by tenants who co-locate at the facility. The building houses Manhattan Bypass fiber optic routes and has connectivity to submarine landing stations that come into Long Island.
About the Nassau County Industrial Development Agency
The Nassau County Industrial Development Agency consists of a team of professionals whose mission is to promote the economic welfare and prosperity of Nassau County. It is a resource for businesses in Nassau County and those considering relocation. The IDA provides assistance to businesses interested in relocating, expanding and financing new investments. It has provided assistance to a wide range of companies including Hain Celestial, Publishers Clearing House, Arizona Iced Tea, Dealer Track Technologies and Sleepy’s Mattress as well as Cold Spring Harbor Labs and Grumman Studios. For more information, please visit www.nassauida.org or call (516) 571-1945.