Southeast Queens elected officials joined real estate firm BRP Companies, Goldman Sachs and the Greater Jamaica Development Corporation on Tuesday, Oct. 5, to break ground on a new 542,000-square-foot mixed-use development in Jamaica.
Archer Towers, located at 163-05 Archer Ave., will feature 605 mixed-income residences, 20,000 square feet of amenity spaces and 14,000 square feet of retail space.
The project marks BRP’s second major development in Jamaica, following the firm’s recent completion of The Crossing at Jamaica Station, a mixed-income 669-unit residential building located at 148-10 and 147-40 Archer Ave.
“We’re excited to celebrate the start of construction of Archer Towers, which will deliver much-needed workforce housing options to the local community,” said Meredith Marshall, co-founder and managing partner of BRP Companies. “Much like the Crossing at Jamaica Station, we believe Archer Towers will have a tremendous positive impact on the neighborhood and will add to the vibrancy of downtown Jamaica.”
The Urban Investment Group within Goldman Sachs Asset Management provided financing for the construction, which is slated for completion in the spring of 2024.
Goldman Sachs raised the Opportunity Zone equity for the project. This investment is also part of GS’s One Million Black Women initiative, a $10 billion investment strategy to narrow opportunity gaps for Black women of the next decade.
Margaret Anadu, Goldman Sachs’ global head of Sustainability and Impact for Asset Management, said affordable housing and access to quality jobs are foundational elements to all strong communities, and are key focus areas of their One Million Black Women initiative.
“Archer Towers drives both of these impacts, making it another step forward in ensuring that this neighborhood will be a place of choice and opportunity for the families that call it home for decades to come,” Anadu said.
Plans for the development include a range of amenities, including 199 on-site attended parking spaces, a resident lounge, a movie/media room, a children’s playroom, ample landscaped outdoor and rear yard space, a basketball and pickleball court, a golf simulator, a yoga studio, a conference room, a pet spa and bicycle storage.
Additionally, Archer Towers will include a number of sustainable design features, such as the implementation of Energy Star appliances within each unit, vertical heat pump systems, a roof water retention system and sun reflecting/absorbing solar energy materials on the exterior facade of the property.
The building is located just blocks away from Jamaica Terminal, a major transit hub that provides access to the AirTrain terminal link to JFK Airport, as well as the Long Island Rail Road, and subway and bus lines. The building is easily accessible from the Grand Central Parkway, the Jackie Robinson Parkway and the Van Wyck Expressway.
Southeast Queens lawmakers such as Senator Leroy Comrie, Councilman I. Daneek Miller and Congressman Gregory Meeks were in attendance at the groundbreaking.
“With the multiple crises our city is facing, it is critical that we continue to work collaboratively merging private and public sector investment for the growing needs of our community,” Comrie said. “While the housing piece is essential, this project will also bring in much-needed jobs and retail opportunities as well. BRP and GJDC continue to bring their respective track records of delivery and performance to projects here in southeast Queens and I am excited for this latest development project to get underway.”
According to Meeks, Archer Towers is a transformative residential development that will bring additional affordable housing offerings to Jamaica, as well as provide added community spaces and employment opportunities.
“I am excited about the role it will play in helping to further Jamaica’s position as one of New York City’s burgeoning hubs of business, culture and innovation,” said Meeks, who is looking forward to watching the project come to fruition.
Meanwhile, Hope Knight, president and CEO of the Greater Jamaica Development Corporation, said they are also excited to celebrate the groundbreaking of another development by BRP Companies in Jamaica.
“The revitalization of the district is due in large part to continued investment by our partners in the public and private sectors. We look forward to the job creation, residential growth and overall economic impact this project will have in our community,” Knight said.