Updated July 14, 10:30 a.m.
A nine-story residential building is planned to rise on 12th Street in Astoria and will include a whopping 711 units.
The site, located at 30-80 12th St., is being developed by Criterion Group, which is based in the neighborhood. The project will cost $315.6 million to construct and the development company will utilize the EB-5 Immigrant Investor Program to fund it, YIMBY first reported.
The program was started in 1990 “to stimulate the U.S. economy through job creation and capital investment by foreign investors.” The program gives EB-5 visas for people who invest in “commercial enterprises” that include regional centers. Greystone, a New York-based commercial real estate lending, investment and advisory company, will act as the regional center.
Out of 711 units, 146 of them will be affordable, and amenities will include “exclusive clubs, rooftop gardens, indoor basketball courts and recreational facilities,” according to the project website. The building will take up an entire city block.
Construction began this month and will take approximately two years to complete. HAAK Architects will handle the design.