$92M Kings Park youth sports facility developers to sell bonds for construction
Developers of a youth sports complex and medical office planned for Kings Park expect to raise nearly $70 million by selling bonds next month, and to open the playing fields in a year.
“We’re looking to close the bonds by August of this year and have [the sport facilities] built by August of next year,” said Kenneth R. Henderson, a co-owner of Prospect Sports Partners LLC, which is developing the $92 million project.
The Destination Kings Park project was first proposed in 2014 on 44.5 acres. It has since been scaled back and added another investor, Great Neck attorney Eric Berliner.
With the increased price tag and additional investor, the Suffolk County Industrial Development Agency had to reconsider its 2020 vote to provide tax breaks to the medical office. The aid package increased from $1.8 million over 15 years to $2.3 million, largely due to the higher cost of construction materials which upped the sales-tax exemption.
The agency’s board voted unanimously last week to approve the new deal after listening to a presentation from Henderson, a former pitcher who played in the minor leagues for the Pittsburgh Pirates organization. He was joined by Daniel P. Deegan, a real estate attorney for Prospect Sports.