A supermarket and shopping mall planned for Arverne by the Sea were selected to receive $16 million in financing from the city Economic Development Corp.
The financing is part of a city program called Recovery NYC, which was announced several months ago after President Barack Obama approved stimulus funding, said EDC spokesman David Lombino.
The program is designed to help projects that were ready to begin construction, but having difficulty securing financing amid the recession, Lombino said.
A variety of factors led to the supermarket, planned as a Super Stop & Shop, and shopping mall projects receiving the financing, Lombino said.
He said an EDC committee gave preference to projects that were shovel-ready and financing is attached to strict deadlines as to when work needs to start on construction.
Lombino said consideration was also given to projects in areas that have historically not been the easiest places to build in.
Representatives for the Arverne by the Sea housing complex could not be reached for comment.
The development has planned what it calls “the ultimate shopping destination,” Ocean Way, in its Tides neighborhood, according to its Summer 2009 newsletter. A sidewalk cafe, Stop & Shop and YMCA are all part of the plans for Ocean Way.
Arverne by the Sea is composed of six distinct developments — Ocean Breeze, Palmer’s Landing, The Sands, The Breakers, The Tides and The Dunes — adjacent to Rockaway Beach.
The first homes in the development went up for sale in 2004.
Homes in The Dunes neighborhood are being sold for as low as $559,000 while The Breakers is 95 percent sold at prices as low as $599,000.
Reach reporter Howard Koplowitz by e-mail at hkoplowitz
©2009 Community News Group
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