First Central Savings Bank is funding a new mixed-use development that aims to revitalize Floral Park with market-rate housing and retail spaces.
The construction project, which is being worked on by Hillcrest of Floral Park LLC, will introduce a 12-unit mixed-use building incorporating 6,500 square feet of premium retail space alongside market-rate apartments. It is poised to uplift the local economy and community appeal significantly.
Ten residential units will be on the second floor of the 11,300-square-foot building. Eight of the units will have one bedroom and two of the units will have two bedrooms.
Dean Hatzidakis and Michael Hatzidakis have successfully partnered with First Central Savings Bank to kick-start the development at 41-61 Covert Avenue.
“Our commitment to fostering local community development is reflected in our support for
transformative projects like The Hillcrest of Floral Park. As a local community bank, we are
committed to commercial real estate developments that enhance the communities we serve,” Joseph Pistilli, chairman of First Central Savings Bank, said in a press release. “We are excited to play a role in this development that promises a brighter future for all.”
Paul Hagan, president of First Central Savings Bank, said this development is more than just bricks and mortar. He said it’s a promise to the community of Floral Park and other local communities of FCSB’s commitment to enhancing their quality of life and enriching local communities with their community banking business model.
“We are beyond excited to see our ‘Hillcrest of Floral Park’ project moving forward with vital support and financing from First Central Savings Bank,” the Hatzidakis family said. “This development is not just a milestone for us as local developers, but represents a beacon of progress for the Floral Park community. With every step, from financing to breaking ground, we are seeing our vision come to life for revitalizing this valuable property. We are very thankful to work with local partners like First Central Savings Bank who contribute to the local economy and enhance the lives of those who call Floral Park home.”
This project transforms the property located at 41-61 Covert Ave. into a state-of-the-art development following a devastating fire on Sept. 27, 2020.
In 2020, Floral Park police responded to reports of a building fire at the Park Place Bar and Grill at 41 Covert Ave.
When they arrived at the scene, officers saw fire and smoke pouring from the building that extended to at least 11 other adjacent storefronts.
Firefighters from the Floral Park Fire Department, along with the Manhasset-Lakeville Fire Department, Great Neck Vigilant Fire Company, the New Hyde Park Fire Department and almost 20 others, were represented at the scene throughout the day.
Nassau County Assistant Chief Fire Marshal Michael Uttaro said at the time it took firefighters more than four hours to control the fire.
Six businesses sustained major damage or were destroyed, while four others were damaged by smoke. A private residence also had smoke damage, officials said.
Neighboring stores to Park Place affected by the fire included Villager’s Perk, Shin’s Tae Kwon Do, Luna Eyelash, Capo Ristorante, Covert Nail & Spa, Covert Barber Shop, Original V.I. Pizza, Covert Optical and K. Hunter Boutique.
The fire catalyzed the vision for renewal on parts of Covert Avenue.
“As previously reported, the owner of the Covert Avenue fire property, The Hillcrest of Floral Park LLC, received the Nassau County approvals required in order for the Village to issue the building permits,” Kevin Fitzgerald, mayor of Floral Park, said in a message in April. “We look forward to this project getting underway and, most importantly, we look forward to its completion, which will be a positive addition to the Village for years to come.”
