BRP Companies paid $19.5 million to purchase a Downtown Jamaica development site where it plans to build a pair of mixed-use towers with 580 rental apartments.
The Midtown-based developer, which specializes in affordable housing, bought the site at the corner of Sutphin Boulevard and Archer Avenue from the nonprofit Greater Jamaica Development Corporation, which spent years assembling the site.
BRP plans to break ground in December on the $300 million, 737,000-square-foot project dubbed the Crossing at Jamaica Station, which will include 580 mixed-income apartments and 100,000 square feet of retail across three floors. FXFOWLE is serving as the architect.
“When you look at Jamiaca, you see a lot of smaller retail footprints. Storefronts are typically 20- to 40-feet wide,” BRP co-founder Meredith Marshall said. “It’s almost going to be a mini-mall.”
Marshall added that asking rents on prime parts of nearby Jamaica Avenue are north of $100 per square foot. – Rich Bockmann