Mayor Michael Bloomberg joined developers yesterday to break ground on the first two permanently affordable residential buildings that will be part of the Hunter's Point South complex in Queens. Joined by Phipps Houses, Related Companies and Monadnock, the Mayor kicked off the project, which aims to combine more affordable housing with the redevelopment of coveted waterfront property. The Long Island City mixed-used complex will bring 925 new units to the Queens riverside area.
The Hunter’s Point project is part of Bloomberg’s $7.5 billion New Housing Marketplace Plan, which seeks to create 165,000 units of permanently affordable housing within the five boroughs over the next ten years. The Hunter’s Point project will not only include affordable residences, but also 17,00 square feet of retail space as well as a sprawling five-acre waterfront park. To accommodate the influx of families, a 1,100 student public school will also join the area.
Phase One of the project, which is underway as of today, includes the first two residential buildings, which were partially funded by $185 million of tax-exempt bonds from the state of New York, allocated by Governor Andrew Cuomo.
Next month, Mayor Bloomberg will issue another RFP for Phase Two of the project, which will call for the design of further residences as well as commercial and park space.
Once Hunter’s Point is complete, it will be the largest new affordable housing complex built in New York City since the 1970s. The prime waterfront location will make the project one of the city’s most desirable affordable housing projects in history.