Southern Land Company (SLC), a national real estate developer of award-winning mixed-use developments and master-planned communities, is transforming the lot at 555 Stewart Avenue in Garden City into new luxury apartment homes, providing the first new apartment home community in the Village of Garden City in more than 50 years. On Friday, October 1, SLC’s CEO, Tim Downey, was joined by local elected officials and economic development advocates during a groundbreaking ceremony at the construction site of “Florent,” the soon-to-be four-story building that will have 150 one, two and three-bedroom apartment homes, 17 of which will be designated for affordable housing.
“We are thrilled to be building a luxury apartment home community in the Village of Garden City,” said Downey. “Florent will provide a beautiful, much-needed housing solution and will significantly benefit the local economy. We believe Florent will make future residents and the greater community alike proud.”
With Florent, SLC is investing more than $100 million into the Village of Garden City, the Town of Hempstead, and Nassau County. Additionally, the net property tax revenue increase over the next 20 years from this project is expected to be more than $23 million. The project is estimated to create more than 350 local jobs in the area.
Located on 4.5 acres of land, Florent will feature a myriad of amenities including an outdoor heated saltwater pool with cabanas, wine room, state-of-the-art fitness center with a yoga room, and a clubroom with a kitchen, an outdoor fireplace, barbecue grill, and business center. The property will also be pet-friendly and will feature a fenced-in dog run and pet spa.
“This project is an example of an IDA deal done right, addressing three important goals for our County: increase our limited housing stock, create hundreds of local jobs and provide a net benefit to taxpayers,” said Nassau County Executive Laura Curran. “Creating housing options is key to attracting the next generation to live and work in Nassau and ultimately enticing businesses to invest here,” she added.
“The development of 555 Stewart Avenue by the Southern Land Company is the result of a tremendous display of teamwork guided by the tremendous leadership of County Executive Laura Curran,” said Nassau County IDA Chairman Richard Kessel. “This project is the latest example of forward-thinking economic development being undertaken across Nassau County,” he added.