Once poised to be the Olympic Village for New York’s failed bid at the 2012 Olympic games, the southern tip of the Queens waterfront is gearing up for a new big development: Hunter’s Point South. This 5,000-unit housing complex and waterfront community boast some of the best views of Manhattan, but the grounds won’t be overrun by the bourgeoisie — 100 percent of the 908 units set for Phase 1 are designated as affordable housing.
These units are a part of Mayor Bloomberg’s $7.5 billion New Housing Marketplace plan to build 165,000 affordable units by 2014, making it the largest municipal plan of its kind in the nation.
Designed by SHoP Architects and Ismael Leyva Architects, the first phase will include two residential buildings with retail space. Construction has begun this year, with the completion of storm sewers among the project’s January accomplishments. It should take about two years to complete.
Simultaneously, five acres of parkland and a 1,100-seat middle school/high school will be rising to completion by fall 2013.
More large-scale development nearby
Late last year, the mayor also broke ground on Willets Point, touting plans for a mixed-use community around the long neglected grounds near the Mets’ Citi Field. The 62-acre area, which has lacked basic infrastructure such as sidewalks and has struggled with contamination for decades, will be home to 680,000 square feet of retail space, a hotel, convention center, open space, and 400 units of housing — 35 percent of which will be affordable. The first phase of the project is expected to create 1,800 permanent jobs and 4,600 construction-related jobs, according to the New York City Economic Development Corporation.
Reports show rising prices for new buildings in Queens
New development construction has seen a strong start in 2012. A recent report from StreetEasy.com shows a 43 percent increase in new condo inventory in the area, while median prices increased by 21.1 percent. The report showed the L-Haus, Murano and The View at East Coast as some of the most popular luxury buildings in the area, in terms of searches on StreetEasy.