Long Island City’s booming waterfront could be getting yet another high-rise, mixed-use project. However, this time the developers are proposing something new: the inclusion of factory space with the shiny new apartments.
After a year-long selection process, the New York City Economic Development Corporation (NYEDC) chose developers TF Cornerstone (TFC) to lead the $925 million mixed-use development on the 4.5-acre site at 5-40 44th Drive and 4-99 44th Drive, as first reported by the New York Times. ODA, Handel Architects, and Mathews Nielsen Landscape Architects are the architects.
TF Cornerstone’s proposal will see a 1.5-million-square-foot, two-building complex with 1,000 rental apartments as well as 100,00 square feet of light manufacturing space. There will also be 400,000 square feet of offices, 19,000 square feet of stores, an elementary school, and a one-acre waterfront park along the Anable Basin on the East River.
The two towers are planned to rise to around 65 stories and 50 stories but will taper towards the top. The apartments will range from studios to three-bedroom units and 25 percent of the units will be below market rate in accordance with the EDC’s Request for Proposal (RFP).
“One of the primary goals of this project is to support the commercial, technology, artisan, and industrial businesses of Long Island City, while also balancing that work environment with [the] market and affordable housing,” Jake Elghanayan, principal at TFC, said in a press release. TFC will also be working with three other development partners: Greenpoint Manufacturing and Design Center, Coalition for Queens, and BJH Advisors.
New York’s current zoning laws separate housing and manufacturing industries, creating clear boundaries in the city as to where factories can be. This project, which still has years to go before construction starts, will require rezoning approval to include manufacturing space in the development. If all goes according to plan, however, the project is expected to be completed by 2022.