iStar to Submit Third and Final Proposal

From the LI Herald: iStar to seek new tax break for Superblock: “On its website on Wednesday, the city said it learned that iStar, a Manhattan-based developer that owns the Superblock, will soon submit “a third and final application for tax abatements.”

The Superblock has been vacant for 30 years, and the $336 million project envisions twin 15-story luxury apartment buildings with 522 units overlooking the boardwalk between Long Beach and Riverside boulevards. iStar had sought a hefty 20-year payment in lieu of taxes, or PILOT, agreement, claiming it would not build without it.

The city will hold a forum on May 9 at City Hall at 6:30 p.m. to update residents.

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