Elected officials and developers will join Allstate Insurance executives in cutting the ribbon Monday on the company’s new 88,000-square-foot regional headquarters in Hauppauge.

The new building at 898 Veterans Memorial Highway, a project of Colin Development and the property’s landlord Hauppauge Office Park Associates, will hold more than 450 Allstate employees currently spread out over four separate Hauppauge locations.

The $23-million project received property tax abatement of $1.2 million, sales tax benefits of $1.1 million and mortgage recording tax incentives worth $178,500 through the Town of Islip Industrial Development Agency.

Among those expected to attend the ribbon cutting ceremony next week are Suffolk County Executive Steve Bellone, Islip Supervisor Tom Croci, Colin Development President Fred Colin and its COO Ed Glackin.