Tishman Speyer has purchased the vast majority of Edgemere Commons, a future affordable housing complex in Edgemere, Queens. The development site is located on the former Peninsula Hospital complex in the Rockaways, which comprises 9.34 acres.
The project was originally announced by The Arker Companies, but appeared to stagnate for two years with little progress. In an acquisition valued at $ 90 million, Tishman Speyer acquired ten of the 11 construction sites that will debut as Edgemere Commons.
When complete, the entire complex will comprise 2.2 million square feet and create 2,050 apartments, of which 237 will be reserved for seniors. Additional components include 973 parking spaces, 38,000 square feet of open space accessible to the public, 77,000 square feet of community space, and 72,000 square feet of neighborhood-focused retail including a supermarket, shopping center fitness, dining and retail destinations.
All buildings are designed by Aufgang Architects.
“Edgemere Commons will increase the availability of affordable housing in Far Rockaway and provide many amenities that will benefit both current and future residents,” said Borough of Queens President Donovan Richards Jr. “The planned supermarket is particularly necessary in this community, which is considered a food desert due to its lack of easy access to healthy and nutritious food.
Edgemere Commons is the first fully affordable project undertaken by TS Communities, Tishman Speyer’s affordable housing development platform led by CEO Gary Rodney, former chairman of the New York City Housing Development Corporation. The project is expected to create 350 temporary jobs in construction and related trades, up to 650 permanent jobs, and is expected to generate $ 1.5 billion in economic activity.
Tishman Speyer also announced a $ 2 million fund for community benefits and youth development.
“We are proud to join the Edgemere community and look forward to working with residents and local elected officials to advance the three key pillars of Edgemere Commons: affordability, community and resilience,” said Rodney. “Our team is committed to creating community and connections by focusing on what people need to improve their lives and their neighborhoods. “
The Arker Companies, in partnership with Slate Property Group, will launch the first Edgemere Commons building in 2022. This project will create 194 apartments and a 20,000 square foot supermarket. Tishman Speyer’s subsidiaries will develop, own and manage the remaining ten buildings, including commercial, community and public spaces.
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