Tishman Speyer has purchased the vast majority of Edgemere Commons, a forthcoming affordable housing complex in Edgemere, Queens. The development site is located on the former Peninsula Hospital complex in the Rockaways, which comprises 9.34 acres.
The project was originally announced by The Arker Companies, but appeared to stall for two years with little progress made. In an acquisition valued at $90 million, Tishman Speyer acquired ten of 11 building sites that will eventually debut as Edgemere Commons.
When complete, the entire complex will comprise 2.2 million square feet and create 2,050 apartments, including 237 that will be set aside for seniors. Additional components include 973 parking spaces, 38,000 square feet of publicly accessible open space, 77,000 square feet of community spaces, and 72,000 square feet of neighborhood-oriented retail including a supermarket, a fitness center, food and beverage destinations, and general retail.
All of the buildings are designed by Aufgang Architects.
“Edgemere Commons will increase the availability of affordable housing in Far Rockaway and bring many amenities that will benefit both existing and future residents,” said Queens borough president Donovan Richards Jr. “The planned supermarket is especially needed in this community, which is considered a food desert because of its lack of easy access to healthy and nutritious food.”
Edgemere Commons is the first all-affordable project undertaken through TS Communities, Tishman Speyer’s affordable housing development platform led by managing director Gary Rodney, a former president of the New York City Housing Development Corporation. The project is expected to create 350 temporary construction and related trade jobs, up to 650 permanent jobs, and is anticipated to generate $1.5 billion in economic activity.
Tishman Speyer has also announced a $2 million Community Benefits and Youth Development Fund.
“We are proud to join the Edgemere community and look forward to working with residents and local elected officials to advance the three key pillars of Edgemere Commons: affordability, community, and resiliency,” said Rodney. “Our team is committed to building community and connection by focusing on what people need to make their lives and their neighborhoods better.”
The Arker Companies, in partnership with Slate Property Group, will break ground on the first Edgemere Commons building in 2022. That project will create 194 apartments and a 20,000-square-foot supermarket. Tishman Speyer affiliates will develop, own, and manage the remaining ten buildings, including the retail, community, and public spaces.