Queens developer Pi Capital Partners plans to break ground by the end of 2020 on a 142-unit project in Elmhurst, of which 44 units will be senior housing.
In addition to senior housing, the 132,000-square-foot structure will also host retail shops, according to permit filings with the Department of Buildings. The project involves a teardown of the current one-story medical building at 86-15 Queens Boulevard.
The developer bought the property in 2019 for $16.68 million and is aiming to complete the project by 2024, the latest in a string of new development in the neighborhood.
“We have an investment in the community. It’s an area I grew up in. It’s an area I’m very familiar with,” said Jerry Pi, operating partner of Pi Capital.
The father-son firm was founded by James and Jerry Pi and manages over 40 properties and 800 apartments in the New York City area.
Some of the company’s developments include a 26-story development at 339 Fifth Avenue in Midtown; the Flushing Professional Tower; and rental buildings, the Elm East, the Elm West and the Elm South in Queens. It’s also planning to construct a school building for Forte Preparatory Academy nearby at 85-15 Broadway.