NYC Selects Slate Property Group, Hudson Companies to Build 980 Homes in LIC – Commercial Observer
A development team made up of Slate Property Group, Hudson Companies and Volunteers of America has been chosen to create nearly 1,000 new homes upon a vacant parcel in Long Island City, Queens.
The 70,000-square-foot development, at 54-42 Second Street, will be called the Orion, and two-thirds of its units will be set aside as affordable housing.
“It is exactly what New York needs,” David Schwartz, principal and co-founder of Slate Property Group, said in a statement. “And we look forward to working with City Hall to get shovels in the ground as soon as possible.”
The parcel sits within the 30-acre Hunter’s Point South housing complex. When completed, Hunter’s Point South is expected to feature approximately 5,000 new homes, roughly 3,000 of which will be affordable.
The city’s Department of Housing Preservation and Development (HPD) began courting developers for the site, known as Parcel E, in June of last year. The request for proposals came with the requirement that Parcel E host more affordable homes than previous phases.
The Orion will include approximately 980 new apartments. Two-thirds of the apartments, roughly 658 units, will be income-restricted, affordable to extremely low- to moderate-income households. Approximately 150 units will be set aside as supportive apartments.
“Reaching households at every income level in a high-opportunity neighborhood like Hunter’s Point reflects a simple belief: Where New Yorkers live shouldn’t come down to income alone,” said Laszlo Syrop, principal and head of acquisitions at Hudson Companies.
The mixed-use community, designed by Marvel Architects, will feature an affordable child care center, a workforce development center and a community pool. Approximately 6,000 square feet of ground-floor commercial retail space will also be made available along Second Street and Center Boulevard.
Parcel E will be the sixth of seven parcels set to be developed at Hunter’s Point South. The complex already hosts more than 3,000 new homes, three schools, commercial retail stores and other community facilities. TF Cornerstone, once thought to be a frontrunner for the more recent parcel, has already built up a majority of Hunter’s Point South with its mixed-use development Malt Drive.
Emily Davis can be reached at edavis@commercialobserver.com.
