Douglaston, L + M to submit Hunters Point South bids

TRD 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]

 

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