Douglaston, L + M to submit Hunters Point South bids

Miami /
Sep.September 16, 2010 09:00 AM
Douglaston’s Jeffrey Levine (top), L+M’s Ron Moelis and Hunters Point South

The city’s extended deadline for developers to submit proposals for the 30-acre Long Island City site known as Hunters Point South is tomorrow, and at least two major developers are gearing up to submit their bids. According to Crain’s, Douglaston Development and L + M Development Partners have confirmed that they are both aspiring for the chance to turn the vacant, waterfront lot into the largest affordable housing complex since the Bronx’s Co-op City. AvalonBay Communities, the apartment REIT based in Alexandria, Va., is also reportedly planning a bid. The city bought the site from the Empire State Development Corp. and the Port Authority of New York & New Jersey for $100 million last year, with the intention of using it as part of its $7.5 billion affordable housing preservation and creation program. At least 60 percent of the 5,000 Hunters Point South apartments are to be reserved for middle-income residents, and in addition, a high school, community facility and retail space are planned, though this request for proposals was for the development of 1,000 apartments in the first section of the project, which is slated to break ground in 2012. The city has said it plans to contribute around $90,000 for each of the first 600 affordable units constructed. When all is said and done, the project is expected to cost $175 million. [Crain’s]

 

Related Articles

arrow_forward_ios
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
Lennar Executive Chairman Stuart Miller (iStock)
“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
Rent-to-own startup Divvy Homes expands to South Florida
Rent-to-own startup Divvy Homes expands to South Florida
Rent-to-own startup Divvy Homes expands to South Florida
Ben Schachter, Sean Black and Mike Pappas (Signature, Getty, Keyes)
Knock expands home lending program into South Florida 
Knock expands home lending program into South Florida 
Rendering of Belmont Village Coral Gables and Baptist Health South Florida CEO Brian L. Keeley
Baptist, Belmont gain approval for luxury senior living in Coral Gables
Baptist, Belmont gain approval for luxury senior living in Coral Gables
9885 Palomino Drive (Credit: Google Maps)
Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project
Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project
5010 Nob Hill Road (Credit: Google Maps)
Sunrise affordable senior housing facility sells for $30M
Sunrise affordable senior housing facility sells for $30M
Mark Zilbert
Let’s make a deal? Some resi sellers in Miami-Dade slash asking prices
Let’s make a deal? Some resi sellers in Miami-Dade slash asking prices
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...