Major Affordable Housing Project Planned for Queens Waterfront

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New York City has chosen a team of real estate developers to bring a 5,000-unit housing complex to Hunters Point South along the Queens waterfront — a project that officials said will be the largest affordable housing development since the 1970s when Co-op City in the Bronx and Starrett City in Brooklyn were completed.

Mayor Bloomberg announced Wednesday that the first phase will open in 2014 with 908 rental apartments — three-quarters of which will be targeted at families with annual household incomes between $32,000 and $130,000 for a family of four — along with five acres of new parkland and a new 1,100-seat middle and high school.

“Hunters Point South will transform 30 acres of our long-abandoned industrial waterfront into a thriving new residential community,” Bloomberg said. “And in the coming years it will lead to more than $2 billion in private investment and spur the creation of more than 4,600 jobs.”

Phipps Houses, the Related Companies and Monadnock Construction make up the development team.

The city’s Housing Preservation and Development Commissioner Rafael Cestero said the deal requires that the affordable units — a minimum of 685 of the initial 908 units — to remain permanently affordable, even if ownership of the buildings changes in the future.

Prospective renters for the affordable units will be able to enter a lottery system when the vertical construction begins, with half of those units reserved for residents of the local Community Board 2.

The complex is being built on former industrial land that was once eyed as the Olympic Village in the city's bid for the 2012 Olympics.