In December 2019, Radson Development closed on financing for the construction of two new buildings in Far Rockaway. The buildings will be a 100 percent affordable mixed-use residential project. Across both buildings, there will be 253 units and 24,000 square feet of commercial and community facility space, including housing and supportive services to formerly homeless families. Residential amenities include laundry, a community room for tenant use, bike storage and landscaped terraces.
The project is funded through public and private financing sources, including the New York City Housing Development Corporation, New Yok City Department of Housing Preservation and Development, Low Income Housing Tax Credits, with the construction loan being underwritten by Bank of America. Both buildings were designed by Magnusson Architecture and Planning.
Construction of the two buildings is expected to begin in January 2020 and to be completed by late 2021.