TDI Breaks Ground on Transit-Oriented, Mixed-Use Project in Farmingdale, N.Y.
- Nov 21, 2013
Farmingdale, N.Y.—TDI Real Estate Holdings LLC announced that construction has commenced on a $40 million transit-oriented, mixed-use project in Farmingdale, N.Y., across the street from Farmingdale Station.
The new project will bring 154 apartments, 20,000 square feet of retail space and secure parking to the area, and the original project design was awarded the Vision Long Island Award in 2012.
“The Farmingdale Station project is a unique opportunity to create a mixed-use, transit-oriented development in the heart of Nassau County,” says Greg Belew, TDI investment partner, Northeast. “TDI was able to partner with a local developer who could not obtain financing and finished design and approval work to get construction underway for a project that will serve an area in need of revitalization.”
The projects original developer, Bartone Properties, commited to the purchase of the property in 2007 but spent about six years navigating approvals for the project before seeking a partner. Berkadia Commercial Mortgage LLC’s Yuri Kletsman assisted in sourcing the construction financing for the project.
The residential component of the community will include upscale units with a handful of common areas including a club room, fitness center, secure parking garage, as well as courtyard recreation areas. According to TDI, 10 percent of the community’s residences will be set aside for workforce housing.
The community’s location offers convenient access to Farmingdale’s Main Street—one block away—which includes a diverse selection of shops and restaurants, while residents that frequent New York City can travel from Farmingdale Station to Manhattan in about 50 minutes or less.
“Transit-oriented development is the wave of the future in areas such as this,” Belew says. “TDI is actively seeking other similar investments and development opportunities in this region.”
TDI, which is headquartered in Irving, Texas, has more than 2,200 units in development in Arizona, New York and Texas and plans to develop an additional 2,000 units in the next year. Its Northeast office, located in Irvington, N.Y., specializes in urban infill, transit-oriented and mixed-use developments.
“We are aggressively seeking similar opportunities in the Northeast where our strong track record and access to capital can move great projects such as this on forward to completion,” Belew says.