The development that would bring thousands of residential apartments, retail space and parkland to the Astoria waterfront at Hallets Point has gotten the final thumbs up.
The City Council voted on Wednesday, October 9 to approve the plan presented by Lincoln Equities Group, the company behind the estimated $1 billion complex called the Hallets Point project.
According to Councilmember Peter Vallone Jr., the City Council came to an agreement with developers to cut the “community supportive project” down to half its original size.
The new deal also includes $500,000 in city funded research to see the feasibility, engineering and design of a proposed ferry service in order to take the large number of incoming residents to and from the peninsula of Hallets Point.
“It’s going to bring development to an area that sorely needs it,” said Vallone.
The development group initially announced in 2012 it would build the seven multifamily residential towers made up of 2,200 units on the waterfront presently home to the NYCHA Astoria Houses.
Twenty percent of the apartments are expected to be affordable housing. The complex will also include retail space featuring an affordable supermarket, a bank, drugstores and restaurants.
Along with the building, the plan is expected to include a 100,000-square-foot public park, outfitted with pedestrian walkways and bike paths winding along the waterfront, giving the community better sight lines of the waterfront. The project will also create a spot for a K-8 public school.
In May, Community Board 1 voted unanimously to approve the plan. The City Planning Commission unanimously approved the plan in August and in July Borough President Helen Marshall approved the plan as well.
Construction is expected to begin in late 2014 or early 2015.