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Wall Street Journal / Biz - Money

New York City Picks Developers for Queens Mixed-Use Complex

New York City officials have selected a proposal for a mixed-use project that will bring a large number of affordable housing units to one of the city’s last waterfront development sites.
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Keiko Morris

New York City officials have selected a proposal for a mixed-use project that will bring a large number of affordable housing units to one of the city’s last waterfront development sites.

The city’s Department of Housing Preservation and Development, and Housing Development Corp. said Thursday they have chosen developers Gotham and RiseBoro Community Partnership Inc. to create a 1,120-unit apartment complex on the southernmost tip of its massive affordable-housing community in the Hunter’s Point South section of Long Island City, Queens.

The team’s $500 million project calls for 80% of the apartments to be designated affordable on a permanent basis, the developers said.

“This is an opportunity to take a fastly appreciating market…and ensure there is a place on the waterfront for people with a range of incomes,” said Scott Short, chief executive of RiseBoro, a nonprofit affordable-housing developer.

The team will develop two parcels at the intersection of 57th Avenue and Second Street, part of a swath of formerly industrial waterfront property that was rezoned under Mayor Michael Bloomberg and targeted for affordable middle-income housing. Mayor Bill de Blasio’s administration is expanding that mission to include low- and very-low income families.

Gotham and RiseBoro’s development will include more than 900 permanently affordable apartments for residents with incomes ranging from 30% of the median area income to 145% of the area median, said Leila Bozorg, HPD deputy commissioner of the Office of Neighborhood Strategies.

A team of Related Cos., Phipps Houses and Monadnock Construction was selected in 2011 to develop two sites in Hunter’s Point South, and TF Cornerstone Inc. and Selfhelp Community Services were chosen to build apartments on a site as well. Next year, the city will begin to work with the community to shape a request for developers to build on the last two sites in Hunter’s Point South, Ms. Bozorg said.

People enjoy Hunter's Point South Park in May. The city said Thursday they have chosen developers Gotham and RiseBoro to create a 1,120-unit apartment complex on the southernmost tip of its affordable-housing community in the Hunter’s Point South section of Long Island City, Queens.Photo: Frank Franklin II/Associated Press

Gotham and RiseBoro’s proposal of two high-rise buildings includes 93 affordable units for seniors among varying income levels, as well as between 30,000 square feet and 40,000 square feet of retail and community facility space, the developers and city officials said. The towers are adjacent to a riverfront park that wraps around the Hunter’s Point South development sites.

The proposal reflected the amenities the community had requested, Ms. Bozorg said. There may be a medical facility, a grocery store and space dedicated to arts and culture.

“Each of the buildings will have amenities for residences focused on fitness and health, as well as accessible landscape roof areas,” said Bryan Kelly, executive vice president of development at Gotham. “We’d also like to activate the ground floors of the buildings so there is interaction with the public and the buildings.”

Write to Keiko Morris at Keiko.Morris@wsj.com

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