Tritec Real Estate Receives Economic Package for $538M Transit-Oriented Project in Ronkonkoma, New York

RONKONKOMA, N.Y. — The Town of Brookhaven Industrial Development Agency (IDA) has closed on a package of economic benefits for the first phase of Tritec Real Estate Co.’s planned Ronkonkoma hub transit-oriented development project, which is expected to break ground soon. The package was approved unanimously in 2014, but did not close until recently due to the timing of required approvals, including sewer connections, and the acquisition by East Setauket, N.Y.-based Tritec and its partner of various properties at the project site from private owners. The total project, valued at $538 million, is expected to feature up to 1,145 apartments and 545,000 square feet of retail and office space on 50 acres near the Long Island Rail Road station. Phase 1 of the project, which includes the construction of infrastructure and 477,300 square feet of apartments on 11.9 acres, is valued at $112.7 million. The first phase is expected to create 977 construction industry jobs and 76 full-time jobs upon completion. The construction of the first phase is expected to take three years.