$2B Mega-Development Approved in Astoria, Queens
The NYC Mayor's Office has issued the final stamp of approval for Innovation QNS; a 12-building, mixed-use, megaproject that will completely redevelop a 5-block section in Astoria, Queens. Totaling roughly 2.7 million square feet, it will span from 37th Street to Northern Boulevard/43rd Street between the Avenues of 35th and 36th.
Jointly developed by Bedrock Real Estate Partners, Silverstein Properties, and Kaufman Astoria Studios, Innovation QNS will deliver 3,190 rental apartments, including 1,436 units (or roughly 45%) dedicated to affordable housing.
According to the development's lead designer, ODA Architecture, the project will also create "200,000 square feet of neighborhood-serving retail and 250,000 square feet of space for the city’s creative industries and other small businesses."
ODA goes on to say that the plan additionally calls for "nearly two acres of thoughtfully programmed open space, community health and wellness facilities, an arts and culture hub, a state-of-the-art multiplex cinema, a new full-service grocery store, and enhanced streetscapes."
Innovation QNS is expected to cost somewhere in the ballpark of $2 billion to construct. Although it's not yet clear when work will begin, the full project is estimated to take up to 10 years to complete.
Work will be carried out block by block rather than all at once, with a 2-block stretch between Steinway and 42nd Street batting first. Before this can happen though, multiple structures which currently occupy this portion will need to be demolished.