The Beach Green Dunes III affordable housing development in Edgemere is moving forward after L+M Development Partners (L+M), in partnership with Triangle Equities and the Bluestone Organization, closed on $95.7 million in financing on Jan. 9. The development will bring 146 affordable units, commercial and retail space, a community facility, and a new transit plaza to the Edgemere community in the Rockaways.
“As Rockaway’s resurgence continues, I couldn’t be happier to see nearly 150 more units of affordable, high-quality housing, along with innovative energy and resiliency measures, to Edgemere and the peninsula as a whole,” Queens Borough President Donovan Richards said. “Combined with the new community space, retail space, a pedestrian plaza, Beach Green Dunes III will further cement Rockaway’s status as a model for the rest of the city to follow when it comes to responsible, community-first development.”
Financing was provided through tax-exempt bonds, subsidy loans from the city’s Department of Housing Preservation and Development and the city’s Housing Development Corporation, funding from Richards and the City Council, along with low-income housing credits and energy tax credits.
“Beach Green Dunes III builds on L+M’s longstanding commitment to building high-quality, affordable homes focused on sustainability and resiliency for families in the Rockaways,’’ said Sara Levenson, senior director at L+M Development Partners. “We’re thrilled this innovative project will deliver much-needed affordable housing and retail space while incorporating design elements that will reduce energy costs for residents and resiliency measures to prevent flooding and storm damage.”
Beach Green Dunes III is a continuation of the L+M, Bluestone, and Triangle joint venture’s commitment to the Rockaway Peninsula. Last year, the partnership began work on Arverne East, which will transform a vacant 116-acre oceanfront site into the city’s first net-zero community. That project, in the Arverne and Edgemere neighborhoods, will include 1,650 mixed-income homes, a 35-acre nature, and a community center. L+M and Triangle also opened Beach Green Dunes II in Far Rockaway in 2020, an eight-story 100 percent affordable development.
“Every community deserves affordable, high-quality housing,” Councilwoman Selvena Brooks-Powers said. “Beach Green Dunes III will increase housing options in Edgemere while providing additional shopping and transit opportunities for residents. I applaud the efforts of developers to ensure this new development is storm-resilient and sustainable – I thank L+M and their partners for their work in the Far Rockaway community and look forward to welcoming Beach Green Dunes III to the neighborhood.”
Located at 331 Beach 35th St., the project will bring 146 affordable homes to the Edgemere community with a range of studios, one, two, and three-bedroom apartments serving very low to moderate income and formerly homeless households earning between 30 and 80 percent of Area Median Income. Additionally, a portion of the studio and one-bedroom units will be made affordable to seniors over the age of 62.
The eight-story building also incorporates an array of cutting-edge sustainability and resiliency features, including being a Passive House certified building, and will be highly storm resilient with site improvements including porous surface materials and rain gardens, and all residential and retail spaces located above the base flood elevation. Energy efficiency features include a closed-loop geothermal system providing heating, cooling, and domestic hot water, smart controls, building monitoring capabilities, and photovoltaic panels on both roofs.
“Beach Green Dunes III represents the city’s continued commitment to building resiliently and strengthening our coastal neighborhoods. This Passive House development will bring 146 affordable homes that will serve the Rockaways well into the future,” HPD Commissioner Adolfo Carrión Jr. said. “We applaud our partners for leading with green design to provide safe, stable, and affordable homes for this community.”
The project will offer a host of amenities for residents, including fitness areas, laundry rooms, a community room, a roof deck, bike storage, outdoor recreational spaces, and on-site parking. The building will also include approximately 2,100 square feet of commercial and retail space, approximately 1,160 square feet of community facility space, and a new transit plaza that will provide pedestrian access from the Beach 36th Street-Edgemere A Train subway station.
“This latest financing represents a lasting investment in the Far Rockaway community through the addition of affordable homes, retail, and community facility space, all in a sustainably designed Passive House building,” HDC President Eric Enderlin said. “Thanks to all our partners and elected officials who remain committed to strengthening our communities through innovative developments like Beach Green Dunes III.”
Construction on the project, designed by Bernheimer Architecture, will begin in the coming weeks, with expected completion in 2024.
