Tag Archives: The Wayfarer

Dear IDA: Only Long Beach residents should be able to speak at the upcoming IDA/Istar meeting [Opinion]

February 24th is the Nassau County IDA istar Long Beach Meeting. There’s great concern amongst those I’ve spoken to how this meeting will be flooded with non-residents who’ll be loud and vocal for jobs, with no real concern about our community.

Dear IDA:  Long Beach residents with IDs should be the ONLY ones who speak, or at least be given preference to speak first. 

That’s just my opinion as a taxpaying resident. Mark your calendars:

Nassau County IDA istar Long Beach Meeting
Wednesday, February 24 at 6:30 PM

City Hall Long Beach
1 W Chester St, Long Beach, New York 11561

2016-01-31 16.26.35

Application for IDA Financial Assistance for the Wayfarer Superblock. 174 pages. Enjoy!

The Application for IDA Financial Assistance. PLEASE VIEW THE WHOLE DOCUMENT HERE: Long-Beach-Wayfarer-LLC-Shore-Road-2015.pdf. Just some light reading before the big June 3rd event:

Public Hearing
June 3, 2015
6:00pm
Long Beach City Hall

The PDF file is 174 pages long, so I’m sorry in advance if you’re having a hard time viewing it. I recommend using a computer over a phone/tablet. If you’re a speed reader and/or plan on browsing through the document, please share with us what you find! Below are a bunch of screen shots which sort of explain why they are seeking the financial assistance.

(Is there a typo in this chart with No PILOT and PILOT?)Screen Shot 2015-05-30 at 4.30.52 PM

Long Beach Wayfarer LLC Shore Road 2015Reasons why [all taken out of context]:

1 Screen Shot 2015-05-30 at 4.09.09 PM

Screen Shot 2015-05-30 at 4.18.21 PM

Screen Shot 2015-05-30 at 4.19.22 PM

Screen Shot 2015-05-30 at 4.22.58 PM

Screen Shot 2015-05-30 at 4.23.13 PM
Screen Shot 2015-05-30 at 4.19.22 PM Screen Shot 2015-05-30 at 4.28.30 PM

 

And here is a comparison of past superblock proposals: Screen Shot 2015-05-30 at 4.15.38 PM

 

Which superblock is super-er? 2007 vs. today

Screen Shot 2015-05-27 at 2.45.41 PM@YoGabbaGidget on twitter sent me the above image/flyer of the 2007 Superblock. Let’s compare superblocks! Tax breaks aside, which plan do you like more? (I think I know the answer to this one).

2007 Superblock:

  • Two Towers
  • Combined 325 units= (225 for residential, 100 hotel rooms)
  • 200 seat restaurant
  • 8,000 boardwalk retail
  • Catering/conference Space
  • Full service Spa/health club/salon,indoor pool,rooftop bar
  • 735 parking spaces

iStar Superblock:

  • Two Towers
  • 507 residential units
  • 11,000 boardwalk retail space (5 businesses)
  • “4,000-square-foot public seating area that overlooks the beach”[LINK]
  • 900 parking spaces

 

Take this ‘fun’ Poll regarding iStar development & taxes. [Which is the lesser of two evils?]

paradiseistariStar is saying they cannot develop the Wayfarer project without tax breaks. Apparently two 15-story towers on beachfront property that’s a stones throw away from the LIRR is unprofitable (their partner Avalon thinks so too?). Correct me if I’m wrong, but didn’t iStar initially say they had to make them 15 stories high to pull a profit in the first place? (read – Another Reader-Submitted Zoning Board letter re Superblock [Guest Post])

Ok… whatever… so let’s pretend, if we offered iStar 3 more stories per tower, they wouldn’t need any tax breaks. Would you go for that? It’s a vote for the lesser of two evils! PLEASE NOTE: THIS IS NOT ACTUALLY HAPPENING IN REAL LIFE!

The Choices:
-Give iStar their freak’n’ PILOT (25 year tax break)
-OR-
Allow them to add 3 extra stories per tower, making it ‘allegedly’ profitable. No PILOT needed (15+3=18 stories total)

If you HAD to pick one, which would you choose?

Give iStar their freak’n’ PILOT (25 year tax break)
Allow them to add 3 extra stories per tower, making it ‘allegedly’ profitable. No PILOT needed (15+3=18 stories total)

Poll Maker

[POLL] Petitioning Nassau County IDA Deny Long Beach Wayfarer, LLC aka iStar a 25 Year Tax Exemption

Yes, my photo was used, but I had nothing to do with setting up this poll.
Yes, my photo was used, but I had nothing to do with setting up this poll.

Poll Link: Deny Long Beach Wayfarer, LLC aka iStar tax exemption

“The petitioners request that Nassau County IDA reject Long Beach Wayfarer LLC’s request for a 25 year tax break for their project located on the Superblock in Long Beach, NY. Despite the devastation of Hurricane Sandy, residents (including those who continue to be displaced) have been responsible for all city, county, state and school taxes. We believe since the residents of Long Beach pay their taxes, so should iStar.

The Development was given a variance by the ZBA in January of 2014. At this time there was absolutely no mention of a future request for a PILOT. The Zoning Board transcript from this event presents a very different iStar. Mr. Frey stated, “…we are extremely well capitalized developers, I can say the best you will ever see …”

We urge the Nassau County Industrial Development Agency to listen to the citizens of Long Beach and vote against this tax break. The PILOT will have a direct and devastating impact on our community today and into the future. [LINK]

iStar partnership with AvalonBay. Let’s discuss apartment demand!

Long Beach Herald: READ iStar says it needs tax break. Will not move forward with Superblock project without PILOT

“The apartments, expected to rent for $2,275 to $3,575, will be marketed to young professionals and empty-nesters. A local official with knowledge of the project, who declined to be identified, said that iStar recently brought on a developing partner, AvalonBay Communities, to invest in the project. [LINK]

Towers_ThumbnailHead over to the Long Beach Herald and read the full article , but let’s talk about that AvalonBay partnership. I was discussing this with some folks earlier today and we concluded with the following: The fact that Avalon is now involved tells us there really is a demand for these types of apartments at these prices.

As of today, The Avalon Towers (10 W. Broadway  & Edwards Blvd) advertises these rents [LINK]:Screen Shot 2015-05-22 at 11.35.41 AMI don’t know the exact rent breakdown for iStar, but based on available info, it could look something like this:

1 bedroom…. from $2,275
2 bedroom…. to $3575

I cannot seem to figure out how many total units Avalon Towers has 109 units. If you look on their website, it appears there are 11 available:

(****as of May 22nd, 2015 [LINK])
Studio  – 0 available
1 bedroom – 7 available
2 bedroom – 3 available
3 bedroom – 1 available

I’m just putting this our there to see if the demand for 522 (1) & (2) bedroom apartments is viable or not. What do you folks think? And does anybody know how many units the Avalon Towers has total? (update: 109 units as per zillow)

iStar/Superblock public hearing: Time & Venue Change

istarwarsATTACK OF THE CLOWNS, but rebel residents strike back! Thanks to a push by Legislator Denise Ford, the iStar/Wayfarer/Superblock project public hearing is now at City Hall on Wednesday, June 3 at 6pm.

FOR IMMEDIATE RELEASE: May 20, 2015
Ford Secures Location for i-Star Public Hearing
Nassau County Legislator Denise Ford is pleased to announce that, through her persistent efforts, the i-Star public hearing has been re-scheduled for June 3, 2015, at 6:00pm at Long Beach City Hall. The purpose of the hearing is for the Nassau County IDA to review the application for proposed tax credits submitted by Long Beach Wayfarer LLC for the proposed building of two 15-story towers on the portion of land known as the “Super Block.”

WHEN: June 3, 2015 at 6:00pm
WHERE: Long Beach City Hall 1 West Chester Street, Long Beach

All concerned residents are urged to attend this meeting.

Meanwhile…Westholme Civic Association did some math regarding those 450 jobs we were promised. This was written on their Facebook page:

When is 30 jobs 450 jobs?

Some of us had the chance to view the actual application that iStar submitted to the Nassau County IDA. We will be posting some of the application in the next few days, we need to wait for it to be mailed( Mailed? This is 2015 right?). Some notes that we took away from the viewing:
The current tax bill on the property is $1,103.795
The height of the building will be 166’9″
The number of jobs in the building in the first year will be 10 Maintenance, 5 in the Health Club and a resident manager, in year 3 that total will grow to 30 (20,9,1)
Phase 1 is projected to be complete in 9/2018
Phase 2 is projected to be complete in 12/2018
10% of the housing will be set aside for those households make less than 130% of the median Long Island Household income
The project is expected to add 23 students to the school district
Only 18% of the residents are expected to come from outside of Nassau County
One section of the application stated 1450 construction jobs and another mentioned 2200(we need to wait for our postman on that)
The projected 450 jobs are “indirect” jobs based on some report they made.
There will be NO impact on traffic in the 5 intersections around the site

As we said when we receive the copies we will post them for you. One question we have is if over 80% of the people will be moving from other parts of Nassau County are they really creating 450 jobs or just moving them around? [LINK]

darth-vader

More on iStar – Newsday editorial

“When a business gets breaks from the local Industrial Development Agency, it doesn’t cost the school district or municipality revenue. Their total taxes collected stay the same. The losers are other taxpayers, who could see their tax rates and bills go down if a new business or development kicked into the pot rather than get a big abatement. [LINK]

Read the full editorial at Newsday: In Long Beach, a tax break. But for whom?