Economic Impact
Community Advancement Leads to Organic Growth
Growth comes naturally when properties are designed thoughtfully around their future residents and existing members of the community.
Port Washington is already home to a thriving, welcoming downtown, but on the east side of town on the waterfront, 145 West Shore Road represents an unseen opportunity to further establish the town as a destination for locals and visitors alike.
Immediate Influx
Just how will the development benefit the community economically? For starters:
- $2 million in permits and fees will go to the Town of North Hempstead during the building process
- $12 million or more will be spent by SLC on an extensive environmental cleanup
- $27 million or more in property tax revenue will go to the Town of North Hempstead over the next 20 years
In both the short and long terms, SLC will have an immediate and direct impact on the financial health of the community.
A New Waterfront Entrance to Port Washington
Hempstead Harbor has long been one of Long Island’s most renowned waterfront destinations, but aging industrial sites have made Port Washington’s waterfront access limited at best and hazardous at its worst.
SLC has reimagined the Hempstead Harbor shoreline that Port Washington has always deserved. With a new 700-foot promenade, a new marina with ample boat slips, and abundant publicly accessible green space, the 145 West Shore Road that SLC envisions will serve as the inception for a brand new waterfront entrance to Port Washington.
From lucrative boat activity to increased foot traffic in Port Washington, this development establishes a new focal point where residents and visitors can spend their time while within close proximity to where they can spend their money and support Port Washington’s business community.
Increased Property Value
A rising tide lifts all boats, and the more established Port Washington becomes as a waterfront destination, the more valuable any and all property within the community becomes.
Existing residents, building owners, and property owners can all look forward to an increase in projected value as the community inevitably expands over the years. As residents and visitors are continually attracted to the area in equal measure, expect those property investments to only rise in value.
Local Jobs
From environmental cleanup to construction completion, SLC’s proposed project will employ hundreds of local workers over the years. A project of this magnitude and complexity requires extensive help, and SLC plans to create a small local job market with its construction plans.
More Feet on the Streets
A greater awareness of Port Washington’s waterfront access and publicly accessible amenities will organically lead to an increase in both visitors and active community members. The luxury apartment component of SLC’s proposed project will guarantee additional residents spanning all ages who will contribute to the local economy.
Combined, this translates to more people walking around Port Washington and exploring its local food, drink, and retail offerings. This is good news for one of the most beautiful downtowns on Long Island; more economic activity in downtown Port Washington will only add to its vibrance and help sustain it as a worthwhile destination.
More feet on the streets means a greater boon for existing local businesses, and a more attractive prospect for other businesses looking to establish their community roots. Expect not only greater interest in Port Washington’s current restaurants, bars, and retail spaces, but a more viable long-term opportunity for other businesses searching for their home.
The development at 145 West Shore Road will not compete with Port Washington’s downtown business community, as it will not include any retail or restaurants. The only commercial entity that will be part of the development is a small marina office.
145 West Shore Road is designed to serve as a gathering destination, a waterfront entry point to Port Washington, and a beautiful luxury housing option–not a commercial competitor to the restaurants, shops, and other businesses that make Port Washington’s downtown character so appealing.
A New Local Destination
With the new promenade connecting to North Hempstead Beach Park, the 145 West Shore Road development will quite literally bring the community together in brand new ways. It will also help establish a new local destination for both residents and visitors.
The marina alone will offer an abundance of boat activity that previously didn’t exist. The property’s public accessibility also represents a huge opportunity to organize community events that can attract people from all over, bringing new people through Port Washington who otherwise may have passed it by.
For A New Generation
Similar community growth documented in other parts of Long Island in recent decades has resulted in an influx of young families and a decrease in the median age of residents. On an economic level, that translates to younger people and newer families looking for reliable destinations to spend their leisure time.
A youthful reinvigoration within the community enables longer-term prosperity, and a greater magnet for people in search of alternative housing options and lifestyles in metropolitan suburbs like Port Washington. SLC’s vision for 145 West Shore Road will appeal to all ages, including young families and individuals who may not need or want to purchase a home but want to enjoy and participate in what makes Port Washington a beloved community.
Growth All Around
Community growth can only be predicted and designed to a point; ultimately, organic growth takes over and a town or community begins to establish its own culture and create its own identity.
Who knows what may be in store next for Port Washington. The development at 145 West Shore Road represents a thrilling and overdue advancement of the local community, but just how much remains to be seen.
What is apparent is that Port Washington is being set up for economic success like never before, and no matter what growth trajectory the town is on, there’s a clear path to financial success for local investors and business owners.