Tishman Speyer’s TS Communities and Arker Companies have partnered to move forward on the development of Edgemere Commons, a 2,050-unit affordable housing project in Far Rockaways, Queens. TS Communities will acquire and develop 10 of the 11 available sites at Edgemere Commons, an affordable housing development in the Far Rockaways. According to industry sources familiar with the deal, the transaction is valued at $90 million.
Led by The Arker Companies, Edgemere Commons was initially approved by the New York City Council in November 2019, but stalled last year. The 2.2 million-square-foot project will feature 38,000 square feet of public space, 77,000 square feet of community-use space, like medical facilities, and 72,000 square feet of retail space. The development will also set 237 of the 2,050 units aside for seniors.
TS Communities will develop, own and manage 10 of the 11 planned buildings, committing to the affordability requisite. In addition, it will launch a $2 million Community Benefits and Youth Development Fund. This is the first 100% affordable project TS Communities has undertaken.
The Arker Companies will partner with Slate Property Group to develop the 11th building, which will include 194 units and a 20,000-square-foot grocery store. The project is set for ground breaking early next year.
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Located on the 9.34-acre site of the former Peninsula Hospital, Edgemere Commons is part of the Resilient Edgemere Community Plan, a community plan launched after Hurricane Sandy to create spaces that better served the community and supported jobs. The project will create 350 jobs in construction and 650 permanent jobs for residents from the local community. It is expected to generate $1.5 billion in economic activity.
Affordable housing is in urgent need, and the White House is now responding to the crisis. The administration is aiming to stabilize families that are at risk of losing their homes, due to the economic impact of the pandemic through the Build Back Better Agenda, which includes an investment in building new homes and making existing housing safer, healthier and more energy efficient. In addition to the Build Back Better Agenda, President Biden has announced immediate steps to increase affordable housing supply and to make supply available to families in need of affordable, quality housing.