What's Happening?
The site of the abandoned Innovation QNS megaproject in Astoria, originally planned for 3,200 units, is now set to host a smaller development. The Hakimian Organization and CW Realty have filed plans for two
residential buildings totaling 230 units. The new project includes a 16-story building on 42nd Street and a 13-story building on 35th Avenue. The original $2 billion project was scrapped due to financial challenges and the expiration of the 421-a tax break. The developers aim to avoid triggering wage requirements by keeping the project under 100 units per building.
Why It's Important?
The shift from a large-scale development to a smaller project reflects the challenges faced by developers in securing financing and navigating regulatory requirements. This development is significant as it addresses the ongoing housing shortage in New York City, albeit on a smaller scale than initially planned. The project also highlights the complexities of urban development, where financial viability and regulatory compliance must be balanced. The inclusion of affordable housing units in the new plans is crucial for addressing the city's housing needs, particularly for low- and middle-income residents.
What's Next?
The developers plan to work with the city to explore financing options and aim to include additional affordable housing units beyond the mandatory requirements. The project is expected to proceed with the demolition of existing structures and the construction of the new buildings. Community and political stakeholders will likely continue to monitor the development to ensure it meets the needs of the local population, particularly in terms of affordable housing availability.
