Phipps Houses has closed on $116 million in financing to complete the fourth phase of Rockaway Village, a mixed-use affordable housing project in Far Rockaway, Queens. The ongoing development is slowly replacing an abandoned shopping center and will comprise 1,700 units of affordable housing, 120,000 square feet of commercial and community facility space, and 590 parking spaces.
Phase four of the development includes the construction of two mid-rise apartment buildings with 184 affordable units. Available homes will be reserved for households earning between 30 and 70 percent of area median income, with 15 percent of the units set aside for the formerly homeless.
Marvel Architects is the design studio responsible for the entire Rockaway Village development.
“Phipps Houses is committed to building affordable homes that allow families to stay and grow in their communities, while strengthening their neighborhood connections for future generations,” said Adam Weinstein, president and CEO of Phipps Houses. “The financing of this phase helps us get another step closer to fully realizing the nearly 1,700 units of new affordable housing in Far Rockaway with new commercial and community spaces to complement the neighborhood.”
Rockaway Village is a key component of the 2017 Downtown Far Rockaway rezoning, which brought $288 million of capital investments to the neighborhood. Financing was provided by the New York City Department of Housing Preservation and Development and New York City Housing Development Corporation’s ELLA program along with Citi, which provided the letter of credit.
The project’s first and second phases are expected to open in the coming months, and the third phase is under construction. Phase four construction is expected to break ground this month.
“The Rockaway Village project by Phipps Houses is a big win for Far Rockaway, creating 1,700 units of affordable housing and bringing the neighborhood many amenities that will benefit both existing and future residents,” said Queens borough president Donovan Richards Jr. “I’m pleased that the fourth phase project is moving forward, and I commend all those who are helping Rockaway Village reach its full potential as a welcome new addition to Far Rockaway.”