Phipps Houses announced on Thursday, Jan. 6, the closing on $116 million in financing for the fourth phase of its massive Rockaway Village affordable housing project in the heart of Far Rockaway.
The development is transforming an abandoned shopping center into permanently affordable housing, public space and retail across Mott Avenue from the Far Rockaway A Train subway and across Nameoke Avenue from the Far Rockaway LIRR station.
“Phipps Houses is committed to building affordable homes that allow families to stay and grow in their communities while strengthening their neighborhood connections for future generations,” Phipps Houses President and CEO Adam Weinstein said. ‘The financing of this phase helps us get another step closer to fully realizing the nearly 1,700 units of affordable housing in Far Rockaway with new commercial and community spaces to complement the neighborhood.”
Financing was provided by the city’s Department of Housing Preservation and Development and the city’s Housing Development Corporation along with Citi, which provided the letter of credit, and Richman Housing Resources LLC.
This phase of Rockaway Village will include two mid-rise apartment buildings with 184 affordable units available for families earning between 30% and 70% of Area Median Income, with 15% of the units set aside for households that are formerly homeless. Construction will begin this month with an expected completion in early 2024.
“The Rockaway Village project by Phipps Houses is a big win for Far Rockaway, creating 1,700 units of affordable housing and bringing the neighborhood many amenities that will benefit both existing and future residents,” Queens Borough President Donovan Richards said. “I’m pleased that the fourth phase project is moving forward, and I commend all those who are helping Rockaway Village reach its full potential as a welcome new addition to Far Rockaway.”
Once complete, the entire Rockaway Village complex will include eight buildings with 1,700 units of affordable housing and 120,000 square feet of commercial and community facility space. Additionally, the project is expected to create 590 parking spaces, restore the street grid and create a new connection between the A train station on Mott Avenue and the LIRR station on Nameoke Avenue.
“Downtown Far Rockaway has been overdue for strategic investments and careful planning for far too long. Rockaway Village transforms an abandoned shopping center into more than 1,700 affordable homes as well as public space and retail for the neighborhood,” HPD Commissioner Louise Carroll said. “We are excited to celebrate the fourth phase with Phipps Houses, elected officials, and partner agencies as 184 affordable homes for low-income families will soon break ground, and we look forward to seeing a new future in the Rockaways unfold.”
The project’s first and second phases are expected to open in the coming months and the third phase is under construction. Rockaway Village is a key component of the 2017 Downtown Far Rockaway rezoning, which brought $288 million of capital investments to the neighborhood.
“We applaud the city’s latest investment to help bring needed affordable housing to Downtown Far Rockaway,” NYC Economic Development Corporation President and CEO Rachel Loeb said. “NYCEDC supported and helped deliver on the plan to rezone the area, and we are proud to work with our fellow city partners, Phipps Houses, elected officials and the community to ensure its key commitments and promises are actualized.”
