September 18th, 2014
Alma Realty is one step closer to finalizing it's mega residential project along the Queens waterfront. The Long Island City based firm recently paid $43.5 million to secure the final lots that form the footprint of the Astoria project, according to The Real Deal Magazine.
Astoria Cove is a new 2.2 million square-foot 6 building residential proposal along the Astoria waterfront. The proposal includes 1,723 units. 20 percent of those planned units will be set aside for below market housing. The developers are also promising to add a new terminal for ferry service, assuming the city officials agree to extend the ferry service to Astoria Cove. Shuttle buses to the nearest subway station will also be provided for residents of the proposed development.
The proposal also calls for 900 parking spaces, a supermarket, and retail stores. The City Planning Commission is expected to deliver a decision on the six-building residential development on September 29. The plans face opposition from local residents and the community board who is pushing for a higher percentage of affordable housing.