Last Wednesday, city officials also announced that they have finalized construction financing to build 457 units of affordable housing at Far Rockaway Village. The neighborhood’s abandoned shopping center will soon have housing, retail and public space.
Altogether, more than 670 affordable units are being built on the peninsula.
“The city is delivering unprecedented investment that will improve the lives of residents and bring new vibrancy and opportunity to the neighborhood,” said James Patchett, president and CEO of the city’s Economic Development Corporation.
The announcement comes 10 months after the City Council approved the area’s rezoning, which will bring a total of $288 million of investment to Downtown Far Rockaway.
The Beach 21st Street project will transform a city-owned lot into a mixed-use development. More than 130 units will be allocated for families making up to 60 percent of the area median income (AMI).
The project includes 24,000 square feet of ground-floor retail and 8,000 square feet of community space for early childhood education. It’s expected to create more than 70 permanent jobs and 470 construction jobs, according to city officials.
The Far Rockaway Village project, developed by Phipps Houses, will contain 67 units for extremely low-income households and 388 units for a range of incomes.
Expected to be complete by late 2021, it will deliver 92,000 square feet of commercial and 23,000 square feet of public plaza space.
“As with every project in the Rockaways, we will work with the developer to ensure that we address the highest community needs,” said Councilman Donovan Richards, “such as daycare services, good jobs and quality retail.”