Less than a year after the city passed a comprehensive rezoning of Far Rockaway, the city’s Department of Housing Preservation and Development and Housing Development Corp. also reported on Wednesday they recently closed on construction financing to deliver 457 units of affordable housing for the initial phase of the Far Rockaway Village project.
New York City agencies reported that a total of 670 affordable housing units are being built in Far Rockaway.
New York City has selected The Community Builders, Inc., a non-profit developer of affordable and mixed-income housing, to develop on a city-owned lot at Beach 21st Street in Far Rockaway 224 units of mixed-income affordable housing, as well as a total of about 32,000 square feet of commercial space and community facilities.
Less than a year after the city passed a comprehensive rezoning of Far Rockaway, the city’s Department of Housing Preservation and Development and Housing Development Corp. also reported on Wednesday they recently closed on construction financing to deliver 457 units of affordable housing for the initial phase of the Far Rockaway Village project, which will redevelop a long-neglected shopping center into a mix of affordable housing, retail and public space. When completed the project will serve as a village center for the neighborhood.
“We’re making good on our promise to Downtown Far Rockaway. The city is delivering unprecedented investment that will improve the lives of residents and bring new vibrancy and opportunity to the neighborhood,” said NYCEDC president and CEO James Patchett. “We are proud to work with Council Member (Donovan) Richards, the Downtown Far Rockaway Working Group, and our sister agencies to maximize the potential of this neighborhood.”
The city’s selection of TCB will transform a city-owned lot on Beach 21st Street into a new mixed-use, mixed-income development with more than 130 units allocated for households earning up to 60% of area median income. The remaining units will be offered at a range of affordability levels.
The project, which is expected to break ground in 2019, will also feature approximately 24,000 square feet of ground-floor retail space, 8,000 square feet of community space for early childhood education and other community services, and approximately 90 parking spots for residents of the building and the public.
The development is expected to create more than 70 permanent jobs and approximately 470 construction jobs. The Community Builders Inc. has committed to 40% M/W/DBE participation, and participation in the city’s HireNYC initiative. Construction on the project is expected to be completed in 2021.
In connection with the city’s financing for the Far Rockaway Village initiative, the initial phase of Far Rockaway Village, developed by Phipps Houses, will replace a largely abandoned shopping center with new mixed-income housing along with centralized public space and enhanced retail space.
HPD and HDC have provided construction financing to create 457 units of affordable housing in the first phase of the Far Rockaway Village development. This project will include 67 units for extremely low-income households—46 of which will be designated for formerly homeless households; the remaining 388 units will serve a diverse range of household incomes including very low-, low-, and moderate-income individuals and families, city officials stated.
The first phase of the project will also deliver 92,000 square feet of commercial space and 23,000 square feet of public plaza space to the heart of the neighborhood. Construction of the first phase of the project is expected to be complete by late 2021.
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