The Town of Hempstead Industrial Development Agency has approved a five-year extension of tax relief for the Westbury Plaza shopping center gallery.
Located at 900 Old Country Road in Garden City, the center was built in 2011 with the help of economic incentives from IDA, which then agreed to provide a five-year extension of benefits that would end in 2027.
The center’s owner is Jacksonville, Florida-based real estate investment firm Regency Centers, which acquired the 312,242-square-foot mall from original developer Equity One in 2017.
The original payment in lieu of taxes agreement was approved at a time when IDAs were allowed to incentivize retail projects, which has since been banned by the state.
At the end of last year, the center had 468 workers, against a promised 375, according to the IDA annual report. The mall’s major tenants include The Container Store, Homegoods, Nordstrom Rack, Bloomingdale’s, Gap Outlet, Banana Republic, Saks Off Fifth, Trader Joe’s, Bassett Home Furnishings, J. Crew, and Old Navy.
“They are doing well,” Fred Parola, CEO of Hempstead IDA, said in a written statement. Maintaining the promised job was the only requirement Regency had to meet to get the extension. “They not only reached it, they exceeded it,” he said.
Regency Centers held full or partial interests in 405 U.S. properties totaling approximately 51.2 million square feet at the end of last year. On Long Island, the REIT’s portfolio includes Westbury Plaza, The Point at Garden City Park, Lake Grove Commons, Hewlett Crossing and four centers acquired last year from Serota Properties: Stew Leonard’s Plaza in East Meadow, King’s Mall Kullen at Eastport, a Center anchored by King Kullen at Valley Stream and Wading River Commons anchored by King Kullen.