L+M Development Partners, Triangle Equities, and The Bluestone Organization have closed on a $95.7 million loan to complete Beach Dunes III, a mixed-use affordable housing property on the border of Edgemere and Far Rockaway in Queens. Located at 331 Beach 35th Street, the building will include 146 mixed-income apartments, 2,100 square feet of commercial space, and a 1,160-square-foot community center.
The mix of units will range from studios to three-bedroom apartments. Eligible residents include very low- to moderate-income households earning between 30 and 80 percent of the area median income (AMI) and formerly homeless individuals. A portion of the studio and one-bedroom units will also be reserved for low-income seniors over the age of 62.
The development will also create a new transit plaza offering pedestrian access from the building to the Beach 36th Street-Edgemere A Train subway station.
“Beach Green Dunes III builds on L+M’s longstanding commitment to building high-quality, affordable homes focused on sustainability and resiliency for families in the Rockaways,” said Sara Levenson, senior director, L+M Development Partners. “We’re thrilled this innovative project will deliver much-needed affordable housing and retail space while incorporating design elements that will reduce energy costs for residents and resiliency measures to prevent flooding and storm damage.”
Led by Bernheimer Architecture, the building is designed to meet Passive House certification, a rigorous design standard that helps reduce carbon emissions and the amount of energy needed to maintain a constant, comfortable interior temperature. For occupants, this typically means lower utility bills throughout the year. Additional energy efficient building components include LED lighting fixtures and smart controls, an advanced building monitoring system for real-time data on energy consumption, a solar-array on the roof, and a closed-loop geothermal system providing heating, cooling, and domestic hot water. Residential and retail components are also vaulted above base flood elevation to mitigate potential damage during a high-tide or flood water event.
When complete tenants will also have access to fitness areas, laundry rooms, a community room, a roof deck, bike storage, outdoor recreational spaces, and on-site parking.
Financing was provided through tax-exempt bonds, subsidy loans from the New York City Department of Housing Preservation and Development and the New York City Housing Development Corporation, funding from Queens borough president Donovan Richards and the New York City Council, along with low-income housing credits and energy tax credits.
Construction is on track to break ground in a few weeks and the building is expected to debut by the end of 2024.