The Greater Jamaica Development Corp. last week announced completion of a deal that will bring a 400-unit residential and commercial building to the intersection of Sutphin Boulevard and Archer Avenue.
Congressman Gregory Meeks (D-Jamaica) was on hand when the GJDC announced its contract with BRP Companies, a Manhattan-based development, contracting and property management firm that specializes in affordable, mixed-income and market-rate housing and commercial development.
The building will be across Sutphin from the Long Island Rail Road complex that serves as a hub for subway lines, the JFK AirTrain and myriad bus lines.
A statement issued by GJDC President Carlisle Towery said the $225 million, 22-story building is the culmination of several years’ work “to revitalize this downtown as a special place where people can live, work, visit play or study.”
The GJDC said it is working with the Goldman Sachs Urban Investment Group to secure financing for the project.
Towery and Meredith Marshall, co-founder and managing partner of BRP, thanked Meeks for his support.
“This project further validates Downtown Jamaica as a prime location for private investment in transit-oriented development,” Meeks said. “... The magnitude of the private investment being made by BRP Companies indicates that Jamaica is truly back.”
Marshall said his group is excited about the project’s potential.
“Investing in the neighborhoods of New York is good for the community, good for the city and good for our company,” he said.
GJDC officials said the new building would place its future residents eight minutes from John F. Kennedy International Airport, and 22 from Penn Station in Midtown Manhattan.
Friday’s announcement marks the second major project that the GJDC has taken to contract in the last six months.
Back in September, the Able Management Group, which operates hotels on Long Island, reached an agreement to build a 24-story, 200-room hotel on Sutphin just south of the railroad tracks on two parcels of land owned by the GJDC and the LIRR.
One of the challenges on that site was to relocate vital infrastructure in the building belonging to both the railroad and Con Edison.
A Duane Reade pharmacy at 93-01 Sutphin Blvd. currently is on the site that will be developed under Friday’s agreement, though published reports state that it will relocate during construction.
In a statement, Jack Friedman, executive director of the Queens Chamber of Commerce, said the project will allow the revitalization of the downtown area to continue.
With restaurants and stores opening in the area, along with one of the city’s premier transit hubs, this continues to be a place where entrepreneurs can look to open a business and residents can raise a family,” he said.