The Bloomberg Administration has narrowed finalists for the development of the large Hunters Point South riverfront development in Queens to Douglaston Development, a team lead by TF Cornerstone and a joint venture of Related Cos., Phipps Houses and Monadnock construction, according to people familiar with the bidding process, an article by Eliot Brown in Friday's edition of The Wall Street Journal reported.
The first phase of the project would consist of 1,000 apartments in two buildings at the north end of the 30-acre site across the East River from the United Nations.
The project ultimately is planned to contain about 5,000 units and the article said that "city officials want to restrict at least 60% of the apartments to middle-income tenants making between $63,000 and $130,000 for a family of four."
"With a city subsidy of as much as $90,000 being offered to the developer for each restricted-income apartment built, the project attracted considerable interest from the development world. The bidders included the Durst Organization, AvalonBay, and the Richman Group, all of which were passed over when the city narrowed the field," according to the article.
"Jon McMillan, director of planning at TF Cornerstone, says the company plans to build both towers together. It intends to partner with Settlement Housing Fund, which would own and rent out family-focused units aimed at middle-income tenants, and with Asian Americans for Equality, which would target seniors. 'We think we found a way to meet all the city's objectives while minimizing the cost to the city,' he says," the article continued.
The Related-Phipps-Monadnock project would be managed by Related and Phipps, says Adam Weinstein, president of Phipps, with the buildings designed by architecture firms SHoP and Ismael Leyva Architects.
Jeffrey Levine, chief executive of Douglaston, says he is "very excited about the opportunity" of Hunters Point South but declined to discuss details of his bid.
City housing officials expect to make a final selection by early 2011.
The first phase of the project would consist of 1,000 apartments in two buildings at the north end of the 30-acre site across the East River from the United Nations.
The project ultimately is planned to contain about 5,000 units and the article said that "city officials want to restrict at least 60% of the apartments to middle-income tenants making between $63,000 and $130,000 for a family of four."
"With a city subsidy of as much as $90,000 being offered to the developer for each restricted-income apartment built, the project attracted considerable interest from the development world. The bidders included the Durst Organization, AvalonBay, and the Richman Group, all of which were passed over when the city narrowed the field," according to the article.
"Jon McMillan, director of planning at TF Cornerstone, says the company plans to build both towers together. It intends to partner with Settlement Housing Fund, which would own and rent out family-focused units aimed at middle-income tenants, and with Asian Americans for Equality, which would target seniors. 'We think we found a way to meet all the city's objectives while minimizing the cost to the city,' he says," the article continued.
The Related-Phipps-Monadnock project would be managed by Related and Phipps, says Adam Weinstein, president of Phipps, with the buildings designed by architecture firms SHoP and Ismael Leyva Architects.
Jeffrey Levine, chief executive of Douglaston, says he is "very excited about the opportunity" of Hunters Point South but declined to discuss details of his bid.
City housing officials expect to make a final selection by early 2011.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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