Beechwood Organization is planning to build a $110 million rental development on a former retail site in Westbury.

The Jericho-based developer is in contract to purchase the 5.87-acre property once occupied by a Syms clothing store at 695 Merrick Ave. The company plans to replace the big-box store with a 400,000-square-foot, seven-story building that would bring 237 rental apartments, 27 extended-stay hotel suites and a 6,000-square-foot restaurant.

The Town of Hempstead Industrial Development Agency has given preliminary approval for economic incentives for the project, which would be similar to Beechwood’s nearby rental complex called The Vanderbilt.

The apartments will include 80 one-bedroom units, 50 one-bedroom units with dens, 28 two-bedroom units and 34 three-bedroom units, according to an IDA statement. Monthly rents are expected to range from $1,800 to $4,100. Beechwood is still awaiting site-plan approval from the Town of Hempstead for the project that is expected to create about 345 construction jobs, 20 full-time jobs and 15 part-time positions within two years of its completion.

“I’m pleased that the IDA is willing to assist this project, which will replace an eyesore on Merrick Avenue that has outlived its usefulness,” Fred Parola, CEO of the Hempstead IDA, said in the statement. “This new use will generate significantly more revenues for the town and other taxing jurisdictions than it presently does as an empty structure that could be subject to a property tax grievance.”