A\u00a0250-room\u00a0hotel also is planned.<\/p>\n
Construction at the retail village, which has off-price version luxury boutiques, was completed in two phases\u00a0about a year and a half\u00a0ago. The developer, Value Retail, plans\u00a0to bring 155 mostly European boutiques and seven restaurants to the site, but only about\u00a040, or 25%, of the tenants\u00a0have opened so far.\u00a0<\/p>\n
Value Retail, a London-based company founded by New York Islanders\u2019 co-owner Scott Malkin, said tenant leasing at the 340,000 square feet of retail space is on track. The company\u00a0did not give\u00a0a time frame on when the retail village will be fully occupied.<\/p>\n
Jason Katz, chief commercial officer at Value Retail, said, “Leasing is going well,” adding the company does it on a rolling basis. “So even from where we began to now, we\u2019re very happy with the number of openings,” he\u00a0said.<\/p>\n
But some local stakeholders say\u00a0the shopping village\u00a0is focused more on\u00a0drawing wealthy, international\u00a0tourists, pricing out residents from neighboring communities.<\/p>\n
Bob Barker,\u00a0president of the Locustwood\/Gotham Civic Association, which covers Elmont, said\u00a0affordability is a concern, with a high-end shopping village placed in a hamlet that is not wealthy.<\/p>\n
“Judging from what I heard, local residents are priced out,” said Barker, who is also a member of the Belmont Community Advisory Committee, a group of local elected officials and residents formed in 2018 to give input on the development.<\/p>\n
Elmont Chamber of Commerce president Julie Marchesella echoed that sentiment.<\/p>\n
“I think it\u2019s more people that will be brought in from the airport, local hotels, the city. I don\u2019t think it\u2019s going to be in a price range for our local people and community,” she said.<\/p>\n
![\"The](\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2026\/04\/1776426431_356_image.jpeg\"\/)
<\/p>\n
The retail village built on former parking lots on the southern side of Hempstead Turnpike across from Belmont Park’s racetrack is being transformed into a shopping, entertainment and hospitality destination.\u00a0 Credit: Newsday\/Kendall Rodriguez<\/p>\n
The\u00a0Belmont Park redevelopment\u00a0was pitched as an economic driver for the state, which owns the land, as well as Nassau County, Hempstead, school districts and other entities. But the full economic impact of the development is yet to be realized because the retail village is not fully occupied and the hotel has not been built. <\/p>\n
The retail village\u00a0is strategically located\u00a0in Elmont, a hamlet\u00a0in the northwestern section of the Town of Hempstead and along the border of Queens. The shopping center\u00a0is about 7 miles from Kennedy\u00a0Airport and approximately 11 miles from LaGuardia Airport in Queens, potentially making it a tourist shopping destination.<\/p>\n
With its\u00a0population of 37,362, Elmont is not a wealthy area, and neither are\u00a0its\u00a0surrounding communities.\u00a0<\/p>\n
The median household income for Elmont, $114,217, is lower than those of Hempstead,\u00a0$141,243, and Nassau County, $146,202, but higher than Queens, $86,136,\u00a0according to U.S. Census Bureau data.<\/p>\n
Value Retail declined to disclose demographics about its shoppers, including median age, household income, or county or country of residence.<\/p>\n
But Katz said, the development\u2019s target audience is those who are “globally minded,” whether they are from Long Island or abroad.<\/p>\n
Phased-out retail openings<\/p>\n
Located at 2601 Hempstead Tpke., Belmont Park Village is Value Retail\u2019s first U.S. village \u2014 and 12th overall \u2014 in The Bicester Collection, which is the company’s group of luxury boutique villages that are part of sports, hospitality and\u00a0entertainment developments. The company has nine retail villages in Europe and two in China.<\/p>\n
Phase 1,\u00a0which was finished in September 2024,\u00a0has space for 90 retailers.<\/p>\n
Among the approximately 40 tenants that have\u00a0opened\u00a0in the first phase include\u00a0are clothing shops Allsaint, Roberto Cavalli and Valentino; shoe stores Aquazzura and Gianvito Rossi; handbag and other accessories stores Coach and Longchamp; and jewelry and home goods retailer Swarovski.<\/p>\n
Among the 20 retailers that have recently committed to opening shops at the retail village are\u00a0clothing and accessories stores Rag & Bone, Roller Rabbit and Zadig & Voltaire, which will open this year, Value Retail said.<\/p>\n
Katz said he expects all 90 tenants in phase 1 to open by 2027.\u00a0<\/p>\n
Phase 2 of the retail village was completed in November 2024, with space for about 65 retailers that will likely start opening in 2027, he\u00a0said.<\/p>\n
The Belmont Park redevelopment plan also calls for the\u00a0construction of a 250-room, 210,000-square-foot hotel, with dining, conference and event space.<\/p>\n
A timeline for the hotel’s construction hasn’t\u00a0been determined yet, an Empire State Development spokesman said Wednesday.<\/p>\n
Although the retail village has just 40 tenants, patrons spend an average amount comparable with that of Value Retail\u2019s top two-performing villages\u00a0\u2014 in Bicester Village in England and La Vall\u00e9e Village in France, according to Value Retail, which declined to disclose actual sales numbers.<\/p>\n
Bicester Village in London generates\u00a0high sales per square foot, $4,500, which Belmont Park Village should be able to achieve, Malkin told WWD in December.\u00a0<\/p>\n
Other high-end retail centers\u00a0also are located\u00a0not far from the Belmont Park.<\/p>\n
They include\u00a0Americana Manhasset, a shopping center about 9 miles away whose tenants include Chanel, Dior, Gucci and Louis Vuitton, and Roosevelt Field, a shopping mall in Uniondale about 8 miles from Belmont Park. Roosevelt Field, which includes Burberry, Herm\u00e8s, Louis Vuitton and Rolex,\u00a0and Americana\u00a0also target wealthy shoppers.<\/p>\n
But Belmont Park Village isn\u2019t pulling shoppers from those sites, Katz said.<\/p>\n
“We speak to our brand partners on a regular basis, and they\u2019ve been telling us that there is not\u00a0cannibalization. We also have a number of sources of data that are actually explaining that, as well,” Katz said.<\/p>\n
Belmont Park Village, though, has unique assets, including its proximity to an arena and horse racetrack, which Value Retail’s\u00a011 other shopping villages lack, Katz said.<\/p>\n
“The only other two that would be somewhat comparable would be in Paris and Shanghai, where we\u2019re partners with Disney. But it\u2019s not the same level of connection we have here at Belmont Park,” he said.<\/p>\n
Separate from the retail, hotel and arena projects, the New York Racing Association is modernizing thoroughbred racing facilities at Belmont Park. The work includes the replacement of the 1.25 million-square-foot grandstand with a state-of-the art facility of about 275,000 square feet that will reopen Sept. 18, said Patrick McKenna, spokesman for the racing association.<\/p>\n
The annual Belmont Stakes, which is the third leg of horse racing’s Triple Crown, moved to the Saratoga Race Course in 2024 because of the construction work, but it will return in June 2027, he said.<\/p>\n
The racing project is being financed with a $455 million loan from the state.<\/p>\n
Retail village’s economic impact<\/p>\n
Value Retail, through an affiliate, BPV Retail Holdings LLC, is ground-leasing the retail portion of the Belmont Park from Empire State Development,\u00a0the state\u2019s economic development agency.<\/p>\n
The redevelopment included the construction of the 19,000-seat UBS Arena, which opened in 2021 and is the home of the New York Islanders, as well as the Elmont-UBS Arena LIRR Station and a 1,500-space parking garage, both of which were completed in 2022.<\/p>\n
New York Arena Partners, a group formed by Oak View Group, the New York Islanders and Jeff Wilpon, of Sterling Project Development, was the lead on the development of UBS Arena and is ground leasing the property from Empire State Development.<\/p>\n
Manhattan-based Sterling Project Development and Denver-based Oak View Group did not respond to requests for comment.<\/p>\n
When Belmont Park redevelopment is finished, the\u00a0mostly privately financed redevelopment is projected\u00a0to generate $44 million annually in revenue\u00a0for\u00a0Nassau, the Town of Hempstead, the state and the MTA, which operates the Long Island Rail Road,\u00a0through taxes on\u00a0sales, admission, hotel bookings and other sources, according to a 2019 economic analysis report commissioned by\u00a0Empire State Development.\u00a0<\/p>\n
The developer was also granted tax benefits in the form of a payment-in-lieu-of-taxes agreement\u00a0that requires it\u00a0to pay an estimated $272\u00a0million over\u00a049 years to several\u00a0entities, including the\u00a0Elmont Union Free School District and Sewanhaka Central High School District,\u00a0the Elmont Fire District,\u00a0Nassau County and the Town of Hempstead, according to the report.<\/p>\n
The Elmont school district started receiving\u00a0$1 million annually\u00a0in 2020, Superintendent of Schools Marlon Small\u00a0said in an emailed statement Thursday.<\/p>\n
“This long-term, predictable funding provides financial stability. It allows the district to plan responsibly, offset the tax levy to protect taxpayers, and maintain strong educational programs at the same time,” he\u00a0said.\u00a0The school district’s 2025-26 budget is $115.2 million.<\/p>\n
Asked about the potential economic impact of the Belmont Park project on the town, Hempstead representatives directed media inquiries to Empire State Development, which could not immediately be reached for comment. <\/p>\n
Nassau County spokesman Christopher\u00a0Boyle\u00a0did not respond to\u00a0requests for comment.<\/p>\n
When the Belmont Park redevelopment is done, the site will employ 2,455 people earning a total of $94 million annually, including 618 at the arena,\u00a01,148 at the retail village and 689 in hotel, office and other jobs, New York Arena Partners has projected.\u00a0<\/p>\n
Village seen as an incubator for brands<\/p>\n
Value Retail\u2019s 12 shopping villages are seen as incubators, or test sites, for brands to introduce their products to consumers.<\/p>\n
Pop-ups, such as Lululemon, which opened March 27,\u00a0at Belmont Park Village, are often part of that equation, Katz said.<\/p>\n
The retailers in the villages are “full-price guest acquisition channels,” which means that about 75% of shoppers are first-time buyers of those brands, but then they go on to become longer-term customers, he said.<\/p>\n
“So, the brands, when they see us opening here in the U.S. market, it\u2019s really a great channel for growth,” he said.<\/p>\n
Belmont Village\u00a0is also setting itself apart by offering premium services at no cost, such as hands-free shopping that allows customers to have their bags picked up in any of the boutiques by a concierge that will hold the purchases until they are retrieved by the shoppers, take them to their cars or deliver them to the UBS Arena, Katz said.<\/p>\n
The shopping experience also includes a\u00a0free shuttle between the village South Entrance and the Elmont-UBS Arena LIRR station, as well as an “apartment” where guests can lounge in between shopping.<\/p>\n
![\"Syosset](\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2026\/04\/1776426432_64_image.jpeg\"\/)
<\/p>\n
Syosset resident Robert Hornik, right, visited Belmont Park Village recently with a friend Credit: Newsday\/Kendall Rodriguez<\/p>\n
Like the Williams\u00a0family, Lululemon was also a draw for\u00a0Robert Hornik, of\u00a0Syosset,\u00a0who said he liked the layout of the retail village.<\/p>\n
“It kind of reminds me of Woodbury Commons [Premium Outlets] upstate a little bit. … We\u2019ll definitely come back once it\u2019s open more,” said Hornik, 30, who came with a friend to buy a sweatshirt from Lululemon.<\/p>\n
Civic leader Barker hopes that discounts or other incentives will be offered to draw more local residents to the village.\u00a0<\/p>\n
“I was hoping [for that] since it\u2019s right in the\u00a0heart of the community,” he said.<\/p>\n
![\"Tory](\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2026\/04\/1776426432_724_image.jpeg\"\/)
<\/p>\n
\n\tTory N. Parrish covers retail and small business for Newsday. She has worked at the Pittsburgh Tribune-Review and Observer-Dispatch in Utica, N.Y.<\/p>\n","protected":false},"excerpt":{"rendered":"On a recent Sunday,\u00a0Laura Williams, of Valley Stream, was among dozens of shoppers browsing the boutiques at Belmont…\n","protected":false},"author":2,"featured_media":200597,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[288,8015,9,24,63,122,124,123,5943],"class_list":{"0":"post-200596","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-queens","8":"tag-business","9":"tag-nassau","10":"tag-new-york","11":"tag-new-york-city","12":"tag-nyc","13":"tag-queens","14":"tag-queens-headlines","15":"tag-queens-news","16":"tag-retail"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/200596","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=200596"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/200596\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/200597"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=200596"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=200596"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=200596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}