The Cornerstone at Kings Park
A long-anticipated residential development has broken ground in downtown Kings Park. The Cornerstone at Kings Park, a 46-unit apartment complex, is being constructed at 30 Indian Head Road, directly adjacent to the Long Island Rail Road station. The $22 million project will transform a dormant, two-parcel property into a modern, three-story building featuring on-grade and underground parking.
Led by Terwilliger & Bartone Properties in partnership with Tanzi Properties LLC, the development will deliver a mix of studios, one-bedroom units, one-bedrooms with home office space, and two-bedroom apartments. Five of the units will be offered at affordable rates. In addition to high-end finishes like stainless steel appliances, quartz countertops, and in-unit washers and dryers, the building will also feature amenities including a fitness center, club room, and secure entrances.
The project replaces a vacant restaurant and reactivates a prominent site in the Kings Park downtown corridor. It also aligns with the Town of Smithtown’s master plan for revitalization by promoting transit-oriented development and walkable community design.
Construction is expected to generate over 90 jobs and bring renewed economic activity to the area. Once completed, the project is estimated to generate more than $1.9 million in annual income for the local economy, while providing much-needed rental housing for young professionals, families, and retirees.
To help bring this transformative project to life, the Suffolk IDA’s incentives were instrumental in helping the developer move forward with the project and invest in long-term community growth.
How the Suffolk County IDA supported The Cornerstone at Kings Park project:
- Sales Tax Exemption
- Mortgage Recording Tax Exemption
- Property Tax Abatements
The Suffolk IDA is committed to supporting developments that strengthen communities, enhance local infrastructure, and generate long-term economic benefits for the local area. Such spending is defined as the multiplier effect, increasing services, groceries, and entertainment. The Cornerstone at Kings Park is one such example, revitalizing an underused property while creating housing options and jobs.
Looking to move or expand your business on Long Island? Make the Suffolk County IDA your first call. We’ll provide you and your business with a wealth of expertise, discuss financial incentives, assist you with workforce training and recruitment, and be a partner to you every step of the way.
To learn more about how the Suffolk County IDA can help your business grow, call 631-853-4802.