The Real Deal Miami

City now soliciting Hunters Point South development bids

June 07, 2010 09:00AM

Hunters Point South

The city is set to begin accepting bids today on the development of 1,000 mostly middle-income apartments in the first section of Queens’ Hunters Point South, which is slated to break ground in 2012. Ron Moelis, CEO of affordable housing developer L & M Equity, and Jeffrey Levin, chairman of Douglaston Development, have already expressed interest. Ultimately, the waterfront community would be home to 5,000 rental apartments and condominiums, about 40 percent of which would be market-rate, as well as shops, a school and a public park. The city bought the land from the state last year for $100 million, has committed $175 million for toxic cleanup at the site, and said it plans to contribute around $90,000 for each of the first 600 affordable units constructed. The winning developer would own the buildings, but the city would continue to own the land. [NYT]