Construction began last month on a new mixed-use property with affordable housing in Forest Hills, Queens. Located at 69-65 Yellowstone Boulevard, the 11-story building is designed by Aufgang Architects and developed by Slate Property Group, which recently secured $90 million in construction financing.
As reported by the Commercial Observer, Pacific Western Bank provided the senior debt, with Heitman providing mezzanine financing for the transit-oriented 176,441-square-foot development. Components include 166 residences with 50 units designated as affordable housing, 50,000 square feet of retail, and 186 parking spaces. Residents of The Yellowstone will also have access to landscaped outdoor common areas on the third floor and the rooftop.
The site is on the corner of Yellowstone Boulevard and Queens Boulevard, three blocks from the Forest Hills 71st Avenue Subway Station, serviced by the E, F, M, and R trains. It was formerly the location of a Key Food supermarket and the ground-floor retail space in the new development has already been leased to a grocer tenant and a bank.
The Yellowstone is expected to be completed in 2023.