Development Team Chosen for Biggest NYC Affordable Housing Project in 40 Years
New York--The Hunter's Point development will encompass 5,000 new housing units--75 percent of which will be reserved for low-, moderate- and middle-income families.
New York–After a fierce competition, Phipps Houses Group, Related Companies and Monadnock Construction Inc. have emerged victorious in the bid to develop the 900-unit initial phase of Hunter’s Point South, a behemoth mixed-use affordable housing project that will leverage $2 billion in private investment. The development cost for the residences in the first phase is $360 million.
Hunter’s Point will sprout up on 30 acres of long-vacant land fronting the East River in the Long Island City area of Queens. The City of New York acquired the property from the Empire State Development Corporation and the Port Authority of New York and New Jersey in 2009 for $100 million. Ultimately, the development will encompass 5,000 new housing units–75 percent of which will be reserved for low-, moderate- and middle-income families in what will be the biggest new affordable housing project to be constructed in New York City since the early 1970s. Phipps, Related and Monadnock will erect two mixed-use residential structures featuring approximately 450 residences each and a total of 20,000 square feet of retail space. SHoP Architects and Ismael Leyva Architects are behind the design of the buildings.
“We understand the critical nature of these two residential units to the overall master plan at Hunter’s Point, and our collective skill set is an ideal fit for ensuring the success of this visionary project conceived by the Bloomberg Administration,” the development team tells MHN.
The City, which issued a request for proposals for Hunter’s Point through the Department of Housing Preservation and Development, had a long list of quite stringent criteria for the prospective developers. A group of city agencies evaluated the proposals based on financial feasibility, architectural design, management experience and affordability of residential units. The Phipps and partners plan had the lowest per-unit and total subsidy cost. The team also brought to the table a strong history of developing substantial housing projects in New York City. “Phipps Houses, Related Companies and Monadnock Construction have a track record in executing complex large-scale projects and share a deep commitment to creating workforce housing opportunities in the City of New York,” the team says. Phipps’ major endeavors include the Henry Phipps Plaza, a 1,610-unit mixed-income apartment complex the company built between 1669 and 1976.
Phipps, Related and Monadnock are on schedule to commence construction of the two residential towers in 2012.