A developer has unveiled long-rumored plans to transform Macy’s parking lot in Manhasset with a $400 million mixed-use project of housing, office space, retail stores and a hotel.

Manhattan-based Brookfield Properties announced its proposed redevelopment of about 16 acres of the sprawling 28-acre site earlier this month with a presentation to the Greater Council of Manhasset Civic Associations.

The plan calls for the existing 332,000-square-foot Macy’s department store at 1100 Northern Blvd., which was built in 1967, to remain. Macy’s will continue to own and operate the store and retain the immediate property around it.

The project called Manhasset Square, would bring 355 rental apartments, 72,000 square feet of office space, 73,400 square feet of additional retail space and a 200-room hotel to the 16 acres of parking lot that Brookfield will purchase from Macy’s. The developer also aims to add 2,271 parking spaces as part of the project.

A formal submission of the plan to the Town of North Hempstead is expected within the next 60 days, according to Brookfield officials. Since several zoning changes and variances would be required under the property’s current zoning, the project will be submitted to the town as a Planned Unit Development.

“Brookfield Properties is looking forward to moving ahead with this transformative project that will provide numerous social and economic benefits, and enhanced tax revenues, once completed,” Aanen Olsen, vice president of mixed use for Brookfield, said via email. “We’ve already begun outreach to several stakeholders, including local community and elected leaders, and will be making a formal announcement shortly. We will provide additional details outlining the numerous benefits the project will bring to Manhasset, the Town of North Hempstead, and the greater Long Island region.”

Community leaders, like Sue Auriemma, an official of the Greater Council of Manhasset Civic Associations, say the concern focuses on the project’s proposed density.

“This is a residential area that hasn’t seen the building of apartments and our concern is how it would affect the infrastructure,” Auriemma told LIBN. “The two biggest concerns have to do with traffic and congestion on the roadways and the possible impact on the school district.”

Auriemma added that she’s grateful that civic leaders have a seat at the table.

“My hope is that with the community’s input that a plan could be developed that would benefit the community as well as the developer,” she said.

Redevelopment of the Manhasset property has been discussed for a while. Brookfield began due diligence, research and visits to the property in 2017.

The majority of the rental residences will be studios and one-bedroom apartments along with a few two-bedroom units. Though the exact number is still to be determined, it’s anticipated that at least 10 percent of the apartments will be priced as workforce housing to comply with state and local requirements.

Macy’s has nine department stores and three furniture and mattress stores on Long Island. Like other big-box department store retailers in recent years, the company has been exploring ways to maximize the value of its real estate. A 10-story office tower is being constructed atop Macy’s Brooklyn store and the company has had discussions with New York City officials about building an 800-foot tall office tower above its flagship store in Herald Square.

Macy’s reported net sales revenue of $24.97 billion in 2018, up slightly from the $24.94 billion in sales revenue in 2017.

Brookfield, which manages more than $365 billion in assets through its Brookfield Assets Management division, currently has more than 6 million square feet of office space, 4 million square feet of multifamily projects and more than $1.5 billion in retail projects under development worldwide, according to its website.

The development team from Brookfield and Macy’s is seeking to have the public comment and approval process for the Manhasset plans complete before the end of the year. Once approvals are secured, construction would begin in 2021, with expected completion by 2023. Macy’s plans to keep its store open during construction.