Construction has officially begun on Edgemere Commons, a new 11-building affordable housing complex located on the former Peninsula Hospital complex in Edgemere, Queens. The complex spans 9.35 acres and will eventually include 2.2 million square feet with 2,050 affordable and supportive housing units.
The development team for Edgemere Commons’ first building is comprised of The Arker Companies and Slate Property Group. The building will rise to 17 stories and feature 194 affordable apartments, a 23,000 square foot supermarket and 24,000 square feet of parking.
The residential offer will include 29 apartments for adults with developmental disabilities and 30 apartments for formerly homeless adults.
Residents with developmental disabilities will have access to on-site support services provided by the Block Institute. Former homeless tenants will receive housing benefits and support services from WellLife Network through an award from the Empire State Supportive Housing Initiative administered by the New York State Office of Mental Health.
Amenity spaces in this building will include a community hall, recreation room, bicycle storage, laundry room, rooftop terrace and outdoor activity space.
Across the development, additional components include 973 parking spaces, 38,000 square feet of publicly accessible open space, 77,000 square feet of community space, and 72,000 square feet of neighborhood-focused retail, including a supermarket, fitness center, food and beverage destinations, and general retail.
Tishman Speyer has purchased the remaining ten buildings from The Arker Companies in 2021 and will lead the development and construction of these remaining properties. All buildings are designed by Aufgang Architects.
Construction costs for the entire complex are estimated at $100 million.
State funding for the first phase includes $14.7 million in permanent tax-exempt bonds and federal low-income tax credits that will generate $47.7 million in New York State equity Homes and Community Renewal. The New York State Department of Environmental Conservation has provided brownfields cleanup program tax credits that will generate $5.6 million in equity.
The New York State Office for People with Developmental Disabilities is also providing $5 million in support. The New York State Office of Mental Health will provide $750,000 annually to subsidize 30 supportive housing units through the Empire State Supportive Housing Initiative, as well as $258,000 in start-up costs for the program development grant.
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