Reloading...

The Largest Weekly Commercial Investment Real Estate Newspaper in the State

Change Issue:  
More Past Issues

Brookhaven IDA accepts application to assist rebuilding of Grove Hotel

Fire Island, NY According to Frederick Braun III, chairman of the Town of Brookhaven Industrial Development Agency (IDA), the agency has accepted an application to assist with the rebuilding of The Grove Hotel on Fire Island, which was destroyed by a devastating fire in March.

The IDA accepted the application from the hotel's owner at its August 19th meeting. The hotel's owner, Frank Ligouri's Grove Realty Enterprises Inc., of Lindenhurst, has spent hundreds of thousands of dollars to clean up the debris and barge it off Fire Island.

The 228-bed hotel, in business for more than 50 years, held most of Cherry Grove's scarce number of overnight rooms. Now, Ligouri, who has owned the property since 2007, seeks to replace the two razed 5,000 s/f buildings with two new buildings, each 6,800 s/f, at a cost of $3.56 million.

The hotel, which had eight full-time employees and 40 part-timers, expects to employ 10 full-time workers and 44 part-timers within two years of its re-opening, according to its application. Construction is expected to commence in the fall and be completed by May 2016, in time for next year's tourist season.

The IDA will consider the application over the next few months, but first it must schedule and hold a public hearing.

"The Grove Hotel was vital to Fire Island's tourist-driven economy for over 50 years before the fire," said Brookhaven town supervisor Ed Romaine. "We need to help them get back in business as quickly as possible and with the support of the IDA, this Cherry Grove landmark could be up and running again by next season."

"The Brookhaven IDA is pleased to accept this application," said Braun. "We are ready and willing to help this important tourist destination rebuild, allowing it again to contribute to the town's economy."

This year, the IDA has already assisted 9 commercial projects including Rail Realty, an apartment complex in upper Port Jefferson Village, Crestwood, a milk distributor, and Meadows at Yaphank Phase 1, a mixed-use development in Yaphank. The Brookhaven IDA has 11 additional projects under consideration with the potential to create and retain 2,000 jobs and result in $225 million in investment to the community.

About the Town of Brookhaven Industrial Development Agency

Since 1971, the mission of the Brookhaven Industrial Development Agency has been to promote the economic welfare and prosperity of the Town of Brookhaven by assisting in the acquisition, construction, reconstruction, and equipping of commercial and industrial facilities. The IDA has issued millions of dollars in tax-exempt or taxable bonds and provided assistance through straight lease deals to encourage companies to either locate or expand in the Town of Brookhaven. This assistance has been extended to companies both large and small, and has resulted in the direct creation of thousands of jobs for Brookhaven residents. The IDA has provided assistance to a wide range of companies, including Tate's, Amneal Pharmaceuticals, Precision International, LI Precast, Woodcrest, Uncle Wally's, and Framerica. For more information visit BrookhavenIDA.org or call 631-451-6563.