Jamaica, Queens, could be the next site for more than 400 affordable housing units.
A joint partnership unveiled plans for two 14-story mixed-use buildings in Downtown Jamaica. One will contain more than 350 affordable rental units, while the other will be the site of 72 income-restricted condos.
The Greater Jamaica Development Corporation is partnering with the Gotham Organization, Monadnock Development and Moses Sole Realty on the plan at 90th Avenue and Parsons Boulevard. The design calls for the redevelopment of a five-story parking garage on the lot that is currently owned by GJDC.
Development is estimated to cost $200 million or more. The team is calling the development “Arras.”
Financing for the development has not yet been secured. But the joint venture is targeting tax-exempt multifamily bonds, low-income housing tax credit equity and funding from the city’s housing department. The city operates two programs that could provide financing: the New Construction program for rentals and the Open Door program for condos.
“The goal of the development is to create housing for the missing middle,” said Bryan Kelly, president of development at Gotham. “One of the benefits of condominium ownership is creating generational legacy equity in the assets for families down the road.”
The Open Door program finances affordable condo and co-op buildings. Apartment owners must personally occupy their units for a certain period of time. The apartment owner can only sell to purchasers who meet similar income requirements.
The plan calls for the rentals to target households earning between 30 and 100 percent of the area median income. The condos would target those earning 90 to 100 percent of the AMI.
Gotham has worked on a number of partially affordable developments before, including Gotham Point, a two-tower, 1,130-unit development in Hunter’s Point, Queens, that is 75 percent affordable units.
Kelly said the planned development does not depend on the passage of an awaited neighborhood rezoning. The Jamaica Neighborhood plan would upzone the area, allowing for upwards of 12,000 new units, if approved by city lawmakers.
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