$225M Tower Coming to Jamaica AirTrain Station Area
QUEENS — A $225 million high-rise with retail space and several hundred apartments will be built near the Jamaica AirTrain station — part of series of developments seeking to transform the neighborhood, officials announced Thursday.
The project, planned for 93-01 Sutphin Blvd., at the corner of Archer Avenue, is the largest private investment in Downtown Jamaica in decades, according to the nonprofit Greater Jamaica Development Corporation, which owns the land.
"This project is the culmination of years of work we have done at the Greater Jamaica Development Corporation to revitalize this Downtown, as a special place where people can live, work, visit, play or study," said Carlisle Towery, president of Greater Jamaica Development Corporation. "The area around the AirTrain/Long Island Rail Road station is now ripe for private investment."
Meredith Marshall, managing partner of BRP Companies, said that the tower, which will be roughly 29 stories tall, will contain at least 400 apartments, the majority of which will be market rate. The building will also have some affordable housing units.
The tower will have a number of amenities, including a 24-hour doorman, children's play room and roof terraces.
It will also contain about 100 parking spaces and at least 100,000 square feet for retail. The stores might include Duane Reade, Marshall said.
Marshall added that he expects to break ground in the first quarter of 2015. It will take approximately two years to complete the project.
A large portion of financing for the project will be provided by the Goldman Sachs Urban Investment Group, officials said.
"This project further validates Downtown Jamaica as a prime location for private investment in transit-oriented development," said Rep. Gregory Meeks, who has endorsed the project. "The project adds to the stock of affordable housing, and will bring new retail and commercial businesses and jobs to the community."
Towery said that the high-rise will be the tallest building in Downtown Jamaica. Currently, he said, the 12-story Federal Building on Jamaica Avenue, is the tallest building in the area.
The tower project follows the announcement last year of plans to construct a $35 million hotel with 210 rooms in the same area, but south of the AirTrain station.