NEW YORK CITY-The planned $1-billion redevelopment of the Hallets Point section of Queens took a step forward earlier this week when Community Board 1 unanimously approved a plan by Lincoln Equities Group LLC.

The plan calls for the construction of about 11 buildings of varying height in the Hallets Point peninsula located south of Astoria Park, according to the Wall Street Journal.

The developer hopes to garner approvals to build 1,921 market-rate residential units and an additional 483 affordable units geared toward senior citizens. The plan also calls for parking, parks, and approximately 65,000 square feet of retail space, which could include a 30,000-square-foot supermarket. Lincoln Equities would also construct several new buildings and a school on current housing authority land. The plan requires the approval of the Queens Borough President and the City Council. Construction on the venture could start next year.

A second project, valued at $800 million, is being proposed by a group of investors that is seeking approval for a project called Astoria Cove. That plans envisions the development of 1,701 apartments. See story in the Wall Street Journal.