BRP Companies has selected JLL Capital Markets as its partner in a joint venture equity agreement to finance the construction of Archers Towers in Jamaica, Queens. The project is valued at $286 million and will yield 605 rental units and a mix of residential amenities. Located at 163-05 Archer Avenue, the development will top out at 24 stories and comprise a total of 540,000 square feet. The residential component will be divided into 424 market-rate apartments and 181 mixed-income units. At this time, the specific income requirements or restrictions for the mixed-income units has not been revealed.
Planned amenity spaces will occupy approximately 20,000 square feet. Wellness amenities include a rooftop outdoor space, a yoga studio, a basketball court, a pickleball court, and a landscaped rear yard, while the recreational amenity spaces include a movie screening room, an indoor lounge, a children’s playroom, bicycle storage, a pet spa, on-site attended parking, and a golf simulator.
Studio V Architecture served as executive architect for the project.
BRP acquired the plot for $55 million from developer Chris Jiashu Xu in 2017. At the time, the 90,000-square-foot site supported a single-story commercial building with several retail tenants and a supermarket. There was also an eight-story parking garage.
As of today, BRP has completed demolition of those structures and intends to kick off construction when the joint venture equity financing has been finalized and debt financing has been secured by an unnamed capital partner.
The JLL Capital Markets project team is led by Rob Hinckley and Jeff Julien, who are directly overseeing the joint venture equity raise for BRP.
“Archer Towers represents the largest shovel-ready residential rental construction site in New York City,” Hinckley said. “The multi-phase Archer Tower residential development, which includes a large portion of needed mixed-income regulated housing, is deemed ‘essential,’ allowing for the partnership to create much needed near-term jobs as construction will begin immediately, even within current market conditions.”
The second phase of Archer Towers is planned to yield an additional 432 apartments including 130 affordable units. Construction for this next phase is expected to break ground summer 2021.