A new business incubator is being planned for Garden City.
The developer, Long Island City-based International Society of Business Leaders, whose mission includes connecting industry leaders with professionals, plans to spend $1.5 million to renovate a vacant three-story 19,000-square-foot building at 1051 Franklin Ave. The organization aims to transform part of the building into a small business incubator and also occupy the complete third floor.
And while the organization aims to use the space as a business incubator, it may ultimately expand into the first and second floors at some point in the future.
Within two years, the project is expected to bring as many as 55 new jobs by the organizations operating inside the building.
The International Society of Business Leaders is working with the Town of Hempstead Industrial Development Agency, which voted recently on inducement resolutions to give tax breaks to assist with the property’s development. In addition to a 10-year PILOT, or payment-in-lieu-of-taxes agreement, the organization would save an estimated $34,000 on $400,000 worth of purchases.
IDA Chairman Ted Sasso said the project would “bring new life to a vacant three-story office building in the main business corridor of Garden City” and bring jobs. In addition, he said the project would offer “a place for new small businesses, which provide the backbone of the town’s economy.”
