Phipps Houses has locked down financing for the fourth phase of the massive Rockaway Village project in the heart of downtown Far Rockaway.
PHIPPS HOUSES CLOSES ON FOURTH PHASE OF
ROCKAWAY VILLAGE HOUSING DEVELOPMENT
BY BILL PARRY
Phipps Houses announced on
Thursday, Jan. 6, the closing on $116
million in financing for the fourth
phase of its massive Rockaway Village
affordable housing project in the
heart of Far Rockaway.
The development is transforming
an abandoned shopping center into
permanently affordable housing,
public space and retail across Mott
Avenue from the Far Rockaway A
Train subway and across Nameoke
Avenue from the Far Rockaway LIRR
station.
“Phipps Houses is committed to
building affordable homes that allow
families to stay and grow in their communities
while strengthening their
neighborhood connections for future
generations,” Phipps Houses President
and CEO Adam Weinstein said.
‘The financing of this phase helps us
get another step closer to fully realizing
the nearly 1,700 units of affordable
housing in Far Rockaway with new
commercial and community spaces to
complement the neighborhood.”
Financing was provided by the
city’s Department of Housing Preservation
and Development and the
city’s Housing Development Corporation
along with Citi, which provided
the letter of credit, and Richman
Housing Resources LLC.
This phase of Rockaway Village
will include two mid-rise apartment
buildings with 184 affordable units
available for families earning between
30% and 70% of Area Median
Income, with 15% of the units set
aside for households that are formerly
homeless. Construction will begin
this month with an expected completion
in early 2024.
“The Rockaway Village project by
Phipps Houses is a big win for Far
Rockaway, creating 1,700 units of affordable
housing and bringing the
neighborhood many amenities that
will benefit both existing and future
residents,” Queens Borough President
Donovan Richards said. “I’m
pleased that the fourth phase project
is moving forward, and I commend all
2 TIMESLEDGER | QNS.COM | JAN. 14 - JAN. 20, 2022
those who are helping Rockaway Village
reach its full potential as a welcome
new addition to Far Rockaway.”
Once complete, the entire Rockaway
Village complex will include
eight buildings with 1,700 units
of affordable housing and 120,000
square feet of commercial and community
facility space. Additionally,
the project is expected to create 590
parking spaces, restore the street
grid and create a new connection
between the A train station on Mott
Avenue and the LIRR station on
Nameoke Avenue.
“Downtown Far Rockaway has
been overdue for strategic investments
and careful planning for far
too long. Rockaway Village transforms
an abandoned shopping center
into more than 1,700 affordable homes
as well as public space and retail for
the neighborhood,” HPD Commissioner
Louise Carroll said. “We are
excited to celebrate the fourth phase
with Phipps Houses, elected officials,
and partner agencies as 184 affordable
homes for low-income families
Courtesy of Marvel Architects
will soon break ground, and we look
forward to seeing a new future in the
Rockaways unfold.”
The project’s first and second
phases are expected to open in the
coming months and the third phase
is under construction. Rockaway Village
is a key component of the 2017
Downtown Far Rockaway rezoning,
which brought $288 million of capital
investments to the neighborhood.
“We applaud the city’s latest investment
to help bring needed affordable
housing to Downtown Far
Rockaway,” NYC Economic Development
Corporation President and CEO
Rachel Loeb said. “NYCEDC supported
and helped deliver on the plan
to rezone the area, and we are proud
to work with our fellow city partners,
Phipps Houses, elected officials
and the community to ensure its ket
commitments and promises are
actualized.”
Reach reporter Bill Parry by e-mail
at bparry@schnepsmedia.com or by
phone at (718) 260–4538.
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