T
he business landscape on Long Island faced significant challenges in 2024 as interest rates rose above 7 percent. This had a ripple effect on the residential real estate market, which continued its decline over the past two years due to low inventory and high home prices. Despite these obstacles, there were several notable developments that showcased resilience and confidence in the area's economy.
One such project is The Belmont at Eastview, an 87-acre mixed-use community being developed by Steel Equities and Marcus Organization on the former Central Islip campus of New York Institute of Technology. The first phase of the $300 million project has been completed, featuring 364 apartments and a new clubhouse. Phase two will add more rental units, condominiums, retail space, and a medical office building.
Another major redevelopment is underway at Broadway Commons mall in Hicksville, which will be transformed into an open-air lifestyle center called The Shoppes on Broadway. The $100 million-plus project includes the demolition of the old Macy's store, new retail spaces, and a big-box store occupied by BJs Wholesale Club. A rooftop event space and LED screen are also part of the plan.
LIBN broke several exclusive stories in 2024, including Target's plans to open a new store on the East End, replacing the country's last full-size Kmart. The Minneapolis-based retailer will take over the Bridgehampton Commons shopping center, which is expected to open late next year or early 2026. Another retail takeover was reported by LIBN as Ready Coffee acquired 10 former Dairy Barn locations on Long Island.
In addition, LIBN reported on plans for a major redevelopment of a well-known office property in Woodbury, where the Christian Congregation of Jehovah's Witnesses intends to build an assembly hall and two support buildings. The development plans include construction of a 52,400-square-foot assembly hall and other facilities on about half of the site.
Several development-related lawsuits were also reported by LIBN in 2024, including one filed by former NHL player Patrick LaFontaine against JLL executives over the proposed Midway Crossing project. The lawsuit claims the execs received "unjust enrichment" and seeks restitution for services performed by LaFontaine and his business partner.
The developers of the $1.3 billion Belmont Park project were given a six-month extension to build a community center in Elmont, after missing their original deadline. The agreement between Empire State Development and New York Arena Partners requires the development group to deliver the promised 10,000-square-foot community space or pay a penalty of $5 million to ESD.
