Islip, NY – Islip Town Supervisor Tom Croci proudly announced this week’s IDA approval of an incentive package that will result in the construction 70,000 sq. ft. Class A office building to house the NY regional headquarters of Allstate Insurance Company.
“Allstate could have moved anywhere in the NY metro area but found the best deal in Islip Town,” Councilman and IDA Liaison John Cochrane said. “This is about job retention for Long Island as nearly 400 Allstate employees will be moving within our borders.”
The high rise will be built on a 24.66 acre parcel on Veterans Memorial Highway in the Islip section of Hauppauge. Allstate currently operates from four separate buildings in the Hauppauge area, and will construct a single office building for their needs as they consolidate their operations under one roof.
Supervisor Tom Croci said that the capital investment for the construction is estimated at $23 million. “Keeping these jobs in our area is a win for Islip. In addition, our local economy benefits because the many service-oriented businesses in this area will benefit. Businesses big and small realize that we offer the best opportunity for growth on Long Island.”
The Town of Islip Industrial Development Agency is a public benefit corporation whose purpose is to promote, attract and encourage well-planned economic development in the Town. They provide assistance to businesses interested in relocating, expanding, and financing new investments. It has provided assistance to a wide range of companies at all sizes, including Sysco Corp, CMB Wireless, CVD Equipment, and Invagen Pharmaceuticals. For more information visit islipida.com or call (631) 224-5512.