Construction has officially broken ground at Edgemere Commons, a new 11-building affordable housing complex located on the former Peninsula Hospital complex in Edgemere, Queens. The complex spans 9.35 acres and will eventually comprise 2.2 million square feet with 2,050 affordable and supportive housing units.
The development team for the first building at Edgemere Commons consists of The Arker Companies and Slate Property Group. The building will top out at 17 stories and comprise 194 affordable apartments, a 23,000-square-foot supermarket, and 24,000 square feet of parking.
The residential offering will include 29 apartments for adults with developmental disabilities and 30 apartments for formerly homeless adults.
Residents with developmental disabilities will have access to on-site supportive services provided by the Block Institute. Formerly homeless tenants will receive rental subsidies and supportive services from WellLife Network through an Empire State Supportive Housing Initiative award administered by the New York State Office of Mental Health.
Amenity spaces in this building will include a community room, a recreation room, bicycle storage, laundry facilities, a roof terrace, and outdoor activity space.
Across the development, 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.
Tishman Speyer purchased the remaining ten buildings from The Arker Companies in 2021, and will lead development and construction of those remaining properties. All of the buildings are designed by Aufgang Architects.
Construction costs for the entire complex are estimated at $100 million.
State financing for the first phase includes $14.7 million in permanent tax-exempt bonds and Federal Low-Income Tax Credits that will generate $47.7 million equity from New York State Homes and Community Renewal. The New York State Department of Environmental Conservation awarded Brownfield Cleanup Program Tax Credits that will generate $5.6 million in equity.
The New York State Office for People With Developmental Disabilities is also providing $5 million in support. The New York State Office of Mental Health will be providing $750,000 annually to subsidize 30 supportive units through the Empire State Supportive Housing Initiative, as well as $258,000 in Program Development Grant start-up costs.