A stretch of Astoria riverfront in Queens is set to receive new residential towers, a public esplanade and retail space after the City Council approved the $1 billion development project Wednesday.
Lincoln Equities' Hallets Point project was approved by a vote of 45 to one.
Protruding into the East River between Randall's and Roosevelt islands, Hallets Point will be home to 2,200 luxury apartments, approximately 20 percent of which will be affordable housing.
It will also bring a supermarket, a bank and other retail stores to the area, which is shared with the Astoria Houses public housing complex.
The deal also includes funding to study the feasibility of a ferry service to carry residents to and from the Queens peninsula.
Developers expect to break ground in 2014 or 2015.