Phoenix Realty Group and Artimus Construction have acquired a 52-year ground lease for the development site at 147-07 94th Avenue in downtown Jamaica. The property was valued at roughly $34 million, and the development teams plan to build a mixed-use project with residential units and commercial-retail space. The residential units will be a mix of market-rate and affordable apartments.
The site can accommodate 315,000 square feet of space, although that figure increases to 400,000 when the inclusionary housing bonus is satisfied, Commercial Observer reported. The property is currently occupied by a three-story, 46,000-square-foot industrial building, and is situated around the corner from the Long Island Rail Road’s Jamaica station.
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