Real Estate
Home›Real Estate›Residential›The Orion gets development team approval for Hunter's…
The Orion gets development team approval for Hunter's Point South site
The $700 million, three-building project will include 658 affordable units and use NYC HPD's Mixed Income Market Initiative framework to finance them.
ConnectCRE reports that the New York City Department of Housing Preservation and Development has selected a development team made up of Slate Property Group, The Hudson Companies, and Volunteers of America Greater New York to build nearly 1,000 apartments on a long-vacant lot in Hunter’s Point South, in Long Island City, Queens.
The project will be known as The Orion, a three-building development totaling about $700 million, with 658 of its rental units designated as affordable.
ConnectCRE adds that The Orion will be the first project to use NYC HPD’s Mixed Income Market Initiative framework, which relies on market-rate units to help finance affordable housing.
Slate Property Group co-founder and principal David Schwartz said the development is intended to address affordability needs with housing across the income spectrum, along with supportive services, while also aiming to make Long Island City more resilient to climate change.