L+M Development Partners, Bluestone Organization, and Triangle Equities have closed on $44.66 million in financing to complete a major infrastructure improvement project in Arverne, Queens, a small coastal neighborhood on the Rockaway Peninsula. The financing will cover the reconstruction of Edgemere Avenue between Beach 32nd and Beach 38th Streets, critical infrastructure improvements to the surrounding neighborhood, and the completion of Arverne East, a 1,650-unit master-planned community.
The roadwork will improve streetscape conditions and replace outdated infrastructure along Edgemere Avenue. This includes the construction of new storm and sanitary sewers, water mains, electric lines, and gas piping. The project also entails new sidewalks, curbs, street pavement, hydrants, street lighting, and planters.
The goal of the project is to minimize flood risks and future unforeseen impacts of climate change, and improve over quality of life for local residents.
“This historic investment will provide critical street design enhancements and infrastructure improvements, while supporting the creation of affordable housing and encouraging climate resiliency in this underserved Rockaway neighborhood,” said New York City Department of Transportation commissioner Ydanis Rodriguez. “Widening and reconstructing the sidewalks along Edgemere Avenue will make much needed improvements that put pedestrian safety front and center.”
Map of the Arverne East site plan
When complete, Arverne East will occupy 116 acres on the border of Arverne and Edgemere, Queens. The mix of apartments will include townhomes, bungalows, and standard rental units. As a mixed-income property, 80 percent of the units will be reserved for the formerly homeless as well as low- to mid-income households. The remaining 20 percent of the units will be offered at market-rate.
There will also be affordable and market-rate home ownership opportunities.
Additional components will include a 35-acre nature preserve managed by the New York City Parks Department between Beach 44th Street and Beach 56th Place, with a new welcome center, park ranger office, restrooms, and a community space. The project will also include a retail corridor connecting the 36th Street A train subway station to the beach, anchored by a full-production brewery and restaurant operated by the Rockaway Brewing Company, and a beachfront hotel.
“Arverne East presents an unprecedented opportunity to transform this underutilized site into a sustainable and resilient community for families on the Rockaway peninsula,” said Sara Levenson, Senior Director at L+M Development Partners. “The financing of this phase is a pivotal step forward in our collective resiliency goals, while also helping us get another step closer to fully realizing the vibrant, transit-oriented, economically diverse neighborhood comprising 1,650 units of housing in Arverne and Edgemere along with a nature preserve and commercial and community spaces designed to directly serve community needs and complement the neighborhood.”
Phase one of the development is located on a 35-acre nature preserve between Beach 44th Street and Beach 56th Place, and broke ground in December 2021.
Preliminary rendering of Arverne East
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
Be the first to comment on "Developers Secure $44.7M to Complete Infrastructure Improvement Project in Arverne, Queens"