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NYC selected teams to develop 980-unit Queens housing project The Orion
The Orion is slated to cost $650M to $700M, with construction expected to start in the next few years and two-thirds of apartments earmarked as affordable housing.
Bisnow reports that New York City selected Slate Property Group, The Hudson Cos., and nonprofit developer Volunteers of America to develop The Orion, a 980-unit housing project at 54-42 Second St. in the Queens neighborhood of Hunter’s Point South.
The development is expected to cost between $650M and $700M and is planned across three buildings on a 70K SF lot, with two-thirds of the new apartments set aside as affordable housing. Of the 658 affordable units, approximately 149 would be supportive housing for extremely low- to moderate-income New Yorkers.
The city expects to provide some form of subsidy and to use the low-income housing tax credit, and the deal also includes selling the land to the developers subject to regulatory approval. Slate Property Group co-founder and principal David Schwartz said in a statement that the project reflects efforts to create housing that works for a range of New Yorkers.
The Orion would also include 6K SF of retail space and 9K SF of community offerings operated by Commonpoint Queens, such as a childcare center, a workforce development center, and an indoor community pool, with amenities available to residents across the buildings.Queens Borough President Donovan Richards said the long-vacant site would be turned into homes for hundreds of Queens families.