Madison Realty Capital has begun construction on a new mixed-use complex located near the southern boundary of Woodside, Queens. Developed in partnership with the New York City School Construction Authority, the complex will include a new public school, 478 mixed-income apartments, retail, and public outdoor space.
69-02 Queens Boulevard
The 29,000 square foot lot at 69-02 Queens Boulevard, in Elmhurst, Queens, is getting closer to the construction of a major new building. YIMBY last covered the project two years ago, after developers Madison Realty Capital purchased the first portion of the assemblage for $14.75 million. The firm has now submitted a proposal to the Department of City Planning to build two new structures, rising up 14 and 17 floors. This action would require the rezoning of several industrial lots.
Madison Realty Capital has acquired the vacant 29,000-square-foot lot at 69-02 – 69-08 Queens Boulevard, in Elmhurst, for $14.75 million. The purchase is the first of five properties that are currently being assembled for a mixed-use development, according to The Real Deal. Three other properties – the two-story structure at 46-12 70th Street, the single-story warehouse as 69-39 47th Avenue, and the restaurant at 69-20 Queens Boulevard – are currently in contract to be sold by their respective owners. The fifth property is a two-story cultural center at 69-23 47th Avenue. The single property Madison owns can accommodate roughly 145,000 square feet of development, but if successful in acquiring the entire assemblage, the developer could build a nearly 358,000-square-foot project. At that point, Madison plans to take a mixed-use rental project through the city’s Urban Land Use Review Procedure (ULURP).