The long-planned redevelopment of a waterfront industrial property in Roslyn is back on track, with a different developer at the helm. Huntington-based G2D Development is advancing a $22 million project to bring 33 rental apartments to a 1.37-acre industrial site at 45 Lumber Road.
G2D acquired the property from a Great Neck-based development group that had been pitching various versions of a redevelopment project for the better part of seven years before handing it off to the new developer.
“We’re very fortunate that the prior developer decided to pursue other opportunities, which allowed us to step in and move it forward,” said G2D principal Greg DeRosa.
The current plan, for which the Village of Roslyn has given its blessing, is to replace the existing industrial building with a four-story, 60,000-square-foot apartment complex. The project will have 27 two-bedroom and six one-bedroom apartments. Six of the units will be priced as workforce apartments for renters earning up to 120 percent of the area median income.
Amenities at the new rental building will include a rooftop pool and deck and a 10,000-square-foot space on the ground floor with a fitness center, business center and game room with a golf simulator.
The new development will also have 63 onsite parking spaces for residents.
As part of the project, G2D will replace a bulkhead and create a 250-foot promenade that will connect the property with downtown Roslyn.
G2D has received preliminary approval for tax breaks from the Nassau County Industrial Development Agency for the Lumber Road redevelopment, which will be the company’s third project in Nassau. Last year, G2D completed a four-story, 27,000-square-foot mixed-use building at 35 Broadway in Hicksville with 18 rental apartments over a 6,000-square-foot shared office concept just steps away from the Hicksville Long Island Rail Road station. The company is currently working to add a second residential building on the same site.
“This is going to be our third project in Nassau County,” said DeRosa, “which wouldn’t have been possible without the assistance and support of the Nassau IDA.”
DeRosa said he was attracted to the Roslyn project because of its location.
“I think Roslyn is a tremendous opportunity for us because of the site’s proximity to the harbor and downtown. It’s very walkable so tenants will be able to enjoy downtown shops and restaurants,” he said. “We’ve been working very closely with the village to make sure the project gets built and fits and enhances the character of the community.”
G2D recently completed a $25 million mixed-use project called Gateway Plaza in Huntington Station, which consists of 64 rental apartments over 14,000 square feet of commercial space. Completed at the end of last year, the complex is already nearly 95 percent occupied.
The company also has two projects in the pipeline in downtown Riverhead, including The Shipyard, which will bring 36 rental apartments over 880 feet of retail space to a site at 331 East Main St. near the Long Island Aquarium.
Located in a federally designated opportunity zone, the complex will have a mix of 10 one-bedroom and 26 two-bedroom apartments with monthly rents ranging from $2,200 to $2,700. The Shipyard will also feature on-site parking and a rooftop deck. As part of the project, G2D will be preserving a historic property known as the 1855 Norton House and moving it to another location in the town.
DeRosa said the company hopes to start construction on the Roslyn project before the end of the year. It will take between 16 and 18 months to complete.
John Caravella Esq., is a construction attorney and formerly practicing project architect at The Law Office of John Caravella, P.C., representing architects, engineers, contractors, subcontractors, and owners in all phases of contract preparation, litigation, and arbitration across New York and Florida. He also serves as an arbitrator to the American Arbitration Association Construction Industry Panel. Mr. Caravella can be reached by email: [email protected] or (631) 608-1346.
This is a general information article and should not be construed as legal advice or a legal opinion. The content above has been edited for conciseness and additional relevant points are omitted for space constraints. Readers are encouraged to seek counsel from a construction lawyer who has experience with Long Island construction law for advice on a particular circumstance.