A Woodbury-based firm is pitching one of the first projects to be developed under Hicksville’s new downtown zoning.
Questus Capital, headed by Rob DiNoto and Paul Posillico, has submitted a site-plan application to the Town of Oyster Bay to develop a 144-unit transit-oriented mixed-use complex on a 1.6-acre site located just two blocks from the Hicksville Long Island Rail Road station.
The $55 million project, dubbed Fieldstone at North Broadway, would bring a mix of studio-, one- and two-bedroom rental apartments over two levels of parking and 7,000 square feet of retail space. To accommodate the complex, the developer has assembled eight properties, including office buildings at 76 and 80 North Broadway, a smaller mixed-use building at 82 North Broadway, a couple of parking lots and a house located on Williams Street behind the buildings.
Amenities at the new complex will feature a rooftop deck, a 3,500-square-foot gym, a business center and an outdoor pool to be located in a center courtyard.
Questus will be seeking economic incentives for the Hicksville project from the Nassau County Industrial Development Agency. It’s likely that 10 percent of the apartments will be considered workforce housing and offered at reduced rents.
In February, the town approved new zoning for downtown Hicksville that paved the way for projects like the TOD from Questus. Aimed at revitalizing the area, the zoning divided the existing Hicksville Downtown Central Business District into three new zoning districts surrounding Hicksville’s LIRR station that will allow for a mix of multifamily housing, offices and a variety of retail uses.
The Hicksville Downtown Core District allows for development of retail and office uses and apartments with building heights up to 50 feet; the Hicksville Downtown Gateway Transition District is zoned for a mix of uses with buildings as high as three stories or 40 feet; and the Hicksville Downtown Residential Subdistrict is targeted for single-family and two-family homes and townhomes, as well as owner-occupied next-generation and senior housing up to two stories or 30 feet.
The new Hicksville zoning was largely based on planning work done over the last several years by Vision Long Island, the Hicksville Chamber of Commerce and the Downtown Hicksville Revitalization Committee. It came three-and-a-half years after the town received a $10 million Downtown Revitalization Initiative grant from the state in August 2017.
“I think the Town of Oyster Bay has done a pretty good job here,” DiNoto told LIBN, “putting in zoning that allows a developer to more quickly move from site acquisition to putting shovels in the ground.”
Harry Malhotra, a member of the Downtown Hicksville Revitalization Committee and deputy chairman of the New York South Asian Chamber of Commerce, said the redevelopment is sorely needed.
“It is very important that we redevelop those properties,” Malhotra said. “That is the gateway to downtown Hicksville and you want the entrance to be attractive.”
In August 2020, Questus completed its Fieldstone at Commack apartment complex and leased all 98 of the units within a few months, despite the pandemic. Also last year, the developer completed its rehab of a 21-unit, efficiency apartment building at 515 Montauk Highway in East Hampton, which was fully leased within weeks. The company is also putting the finishing touches on a 30,000-square-foot rental building with 27 apartments at 77 South Tyson Ave. in Floral Park, where it’s anticipated that first move-ins will take place in July.
DiNoto said the company hopes to start construction on the Hicksville project sometime next year. It’s expected to take about 18 months to complete.