New York State Department of Financial Services

10/22/2024 | Press release | Distributed by Public on 10/22/2024 13:13

Governor Hochul Unveils the Next Phase of the $1.2 Billion Transit-oriented Hub Station Yards, Creating More Than 1,400 Housing Units on Long Island

October 22, 2024
Albany, NY

Governor Hochul Unveils the Next Phase of the $1.2 Billion Transit-oriented Hub Station Yards, Creating More Than 1,400 Housing Units on Long Island

Governor Hochul Unveils the Next Phase of the $1.2 Billion Transit-oriented Hub Station Yards, Creating More Than 1,400 Housing Units on Long Island

Mixed-Use Project Integrates Residential, Retail and Office Spaces Creating a Livable, Walkable Community in Suffolk County

Governor Kathy Hochul today celebrated the grand opening of Station Yards, a state-of-the-art, mixed-use development in Ronkonkoma, Suffolk County on Long Island. Station Yards, also known as the Ronkonkoma Hub, is a transformative transit-oriented development spanning 53 acres around the Ronkonkoma Long Island Rail Road station. The $1.2 billion project, led by TRITEC Real Estate Company, is revitalizing the area by integrating housing, office and retail spaces, creating a dynamic urban center that caters to modern living and working needs. This development showcases New York State's commitment to fostering sustainable economic growth, enhancing community vibrancy and setting new standards for smart, transit-oriented urban planning across Long Island and beyond.
"Station Yards represents a new chapter in Long Island's growth story and exemplifies our vision for vibrant, sustainable communities across New York State," Governor Hochul said. "This project is not just about building apartments and offices - it's about creating a dynamic ecosystem where people can live, work and thrive. By investing in mixed-use developments like Station Yards, we're addressing housing needs, creating jobs, and laying the foundation for long-term economic prosperity in our communities."
Empire State Development President, CEO and Commissioner Hope Knight said, "Station Yards is a game-changer for Long Island's economy, embodying our vision for innovative, transit-oriented developments that catalyze growth. With substantial support from ESD, this project is set to create thousands of jobs and establish a new standard for sustainable, community-focused development. Station Yards exemplifies how strategic investments can transform communities and drive economic progress, serving as a blueprint for future developments across New York State."

TRITEC Principal Jim Coughlan said, "Public investment has been instrumental in bringing Station Yards to life, and we are grateful for the strong backing from Governor Hochul and Empire State Development. Without this critical support, our commitment of over $400 million in private capital to Ronkonkoma would not have been possible. This investment is creating much-needed housing and transforming the area into a new destination at Long Island's only true multi-modal site, fostering a vibrant, connected community."
Station Yards is taking shape in phases around one of Long Island's key transportation hubs. Upon completion, it will encompass 1,450 residential units, 360,000 square feet of office space, and 195,000 square feet of retail space. The first phase, Alston Station Yards, delivered 489 residential units in 2020. The second phase, The Core, will introduce an additional 388 homes, expand retail and office spaces by 67,000 and 16,500 square feet respectively, and feature a public plaza alongside more than 1,200 parking spaces.
Situated at a crucial intersection of transportation networks, the development benefits from its proximity to Exit 60 of the Long Island Expressway and Long Island MacArthur Airport. It also leverages its proximity to the Ronkonkoma LIRR station - Suffolk County's busiest and Long Island's second-busiest - which serves 17,000 daily commuters with express routes to both Penn Station and Grand Central Station. This strategic location enhances the project's vision of a vibrant, walkable community where residential, commercial and public spaces seamlessly integrate.
In 2017 Empire State Development provided support for the project with a $55 million capital grant, underscoring the State's commitment to innovative, community-focused development. This investment is part of a broader strategy to revitalize communities across New York State through targeted, transformative projects. Station Yards is projected to generate over 10,000 construction jobs and 2,500 permanent jobs, providing a significant boost to local employment opportunities. By offering a mix of housing options near a major transit hub, the development addresses critical housing needs while advancing New York State's goals for sustainable urban development.

Suffolk County Executive Ed Romaine said, "Station Yards is a shining example of the smart, transit-oriented development that is needed in Suffolk County and we thank the Governor for her efforts."

Brookhaven Town Supervisor Dan Panico said, "Station Yards is a prime example of community supported redevelopment, robust economic vitality and appropriately placed redevelopment. The Ronkonkoma train station area, once a somewhat despondent and bleak assemblage of vacant storefronts, dirt lots and unwelcoming industrial properties, have been transformed through the efforts of the community, the project team and a town with the foresight, courage and mettle to undertake such a project and see it through. I am proud to lead Brookhaven and I remain confident that we can continue to redevelop appropriately while also preserving open spaces and farmland, understanding that both are equally important and beneficial to our future."

LIREDC Co-Chairs Linda Armyn and Dr. Kimberly R. Cline said, "Station Yards embodies the transformative vision at the heart of Long Island's economic development strategy. By creating a walkable, mixed-use community centered around a major transportation hub, this project addresses multiple priorities - from expanding housing options and creating jobs to promoting sustainable growth and enhancing our region's competitiveness. Station Yards is a testament to what we can achieve when public and private sectors collaborate to build stronger, more vibrant communities."
As New York continues to address the housing crisis, projects like Station Yards increase the supply of housing and help build stronger, more resilient communities. These developments showcase how public-private partnerships can transform underutilized areas into vibrant community hubs. By creating walkable, mixed-use communities near major transportation links, Station Yards and similar projects are instrumental in attracting and retaining talent, promoting sustainable growth, and fostering a more connected, prosperous future for regions like Long Island and beyond.

Governor Hochul's Housing Agenda

Governor Hochul is committed to addressing New York's housing crisis and making the State more affordable and more livable for all New Yorkers. As part of the FY25 Enacted Budget, the Governor secured a landmark agreement to increase New York's housing supply through new tax incentives for Upstate communities, new incentives and relief from certain State-imposed restrictions to create more housing in New York City, a $500 million capital fund to build up to 15,000 new homes on state-owned property, an additional $600 million in funding to support a variety of housing developments statewide and new protections for renters and homeowners. In addition, as part of the FY23 Enacted Budget, the Governor announced a five-year, $25 billion Housing Plan to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes. More than 45,000 homes have been created or preserved to date. The FY25 Enacted Budget also strengthened the Pro-Housing Community Program, which the Governor launched in 2023. Pro-Housing Certification is now a requirement for localities to access up to $650 million in discretionary funding. To date, more than 200 communities have been certified, including the town of Brookhaven.

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