City Councilman Donovan Richards (D-Laurelton) joined L+M Development Partners, Triangle Equities and city officials to break ground on a 100 percent affordable housing development in Far Rockaway last Friday.
The Curtis + Ginsburg Architects-designed Beach Greens Dunes II will bring 127 apartments affordable to very-low, low- and moderate income households to the community with nearly 3,000-square-feet of ground-floor retail and 50 parking spaces for residents.
“The groundbreaking of Beach Green Dunes Phase II signifies the revival of the Edgemere community and the continued investment coming into the Rockaways,” Richards said. “With the addition of 127 mixed-income affordable units with passive house amenities and ground floor retail space, this is the model of development that the Rockaways deserves and expects to see in the future.”
The eight-story building will be passive-house certified with ultra-low energy costs, thanks to a geo-thermal cooling and heating system and will be built with resilient design features to prevent flooding and storm damage. Beach Green Dunes II is a continuation of L+M Development Partners’ commitment to the community of the Rockaways, following the restoration of the Arverne View complex after Superstorm Sandy.
“I’ll never forget the work we did to turn around Arverne View after Superstorm Sandy, and we’re really focused on making Beach Green II a model for resilient, sustainable, green affordable housing development,” said Ron Moelis, L+M Development Partners CEO. “Thanks to Council member Richards and all our partners in helping us to deliver 127 critically needed affordable homes in the Rockaways.”
Beach Green Dunes II will also include outdoor space featuring a play area for children and the building will be adjacent to the Beach 44th Street A-train subway station just two blocks from the Rockaway Beach boardwalk and beaches. The new development furthers the efforts of the Mayor’s Housing New York 2.0 Plan, to create and preserve 300,000 units of affordable housing by 2026.
The total development cost for the building is nearly $53.8 million with the city Housing Development Corporation providing nearly $20 million in tax exempt bonds towards construction financing and nearly $8.3 million in subsidy towards permanent financing from its corporate reserves. The city Department of Housing Preservation & Development provided nearly $18.5 million in city capital for permanent financing.
“Today’s ground-breaking is emblematic of the significant steps we’re taking toward a stronger, more resilient future for our city’s neighborhoods, while achieving deep affordability on our remaining public sites,” HPD Commissioner Maria Torres-Springer said. “Beach Green Dunes II will incorporate cutting-edge sustainable building methods, transforming underused city-owned land into 127 energy efficient newly constructed homes for some of the lowest income New Yorkers.”
Completion is expected in December 2019.
Reach reporter Bill Parry by e-mail at bparr
©2018 Community News Group
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