Jul 01, 2024

Delayed Melville hotel project gets additional IDA incentives

By David Winzelberg    July 1, 2024  

Developers of a planned 143-room hotel in Melville will receive additional economic incentives from the Suffolk County Industrial Development Agency, after the costs of the delayed project increased.

The project to build a four-story, 106,016-square-foot extended-stay hotel on the 2.96-acre site at 500 Broadhollow Road had previously received IDA benefits in June 2022, however, the cost of the development has since risen from $39.38 million to $49.57 million and a change in ownership of the project caused it to be delayed, according to IDA documents.

The majority owner of the development group Broadhollow Road Hotel LLC is Giaquinto Management and minority owners include Garone Management, George Tsunis and former U.S. Senator Alfonse D’Amato, among others.

A long-vacant 6,695-square-foot office building has been demolished to make way for the new hotel, which will be a Residence Inn by Marriott. The vacant office building site generated about $26,000 in annual property taxes and the new development will pay $100,000 more in taxes in the first year and the property tax revenue will grow to more than $425,000 once the 15-year payment-in-lieu-of-taxes agreement expires, according to the IDA.

The project is expected to create 32 jobs with an initial payroll of over $1.3 million, 500 construction jobs and over $500,000 per year in hotel taxes.

Read more at Long Island Business News…