Jamaica in bloom?
After all, this could be Jamaica’s time. A huge development may be coming to the neighborhoods, if everything goes according to plan. The project will include 400 apartments and span 330,000 square feet. There is a firm called Omni New York, founded by Eugene Schneur and the former first baseman of the New York Mets, Mo Vaughn. This is the company that filed plans with the Department of Buildings last Tuesday in order to be approved to build a 23 story tower. The building will be a mixed-use one and will be located in Jamaica, with address at 92-23 168th Street.
Once it is completed, the tower would span 412,862 square feet, including 389 affordable apartment units. Besides this, the building would include a space for retail and a community area. Of the total of space, the retail would take up 61,000 square feet and the communal space, 19,000. The land is owned by the city, and the EDC partnered with Omni to develop through a project launched back in 2015. The site currently sits across the street from a Home Depot and includes a parking garage and some office space. Nowadays, the parking lot is used by the NYPD, and current plans for the future include special parking space for officers.
This development is very good news for Jamaica, since the neighborhood hasn’t experienced as much growth as other Queens areas, in spite of being very transit-rich. However, this is not the only interesting project in the pipeline. BRP Properties is investing $400 million in a Jamaica Station development, which will also feature 670 affordable apartments distributed over two towers. This project received important financing earlier this year.
The area continues to grow
Furthermore, the Chetrit Group got a huge loan: $127.5 million. The company will use this money to redevelop a hospital that is currently closed, the Mary Immaculate. The firm will replace the building with a complex formed by four buildings and containing 324 apartment units. In addition, other important recent deals in Jamaica include but are not limited to: a $78 million purchase of industrial properties that Madison Realty Capital and Artemis Real Estate Partners made at 184-10 and 184-60 Jamaica Avenue and the plans hotel developer Manny Chadha has to redevelop a car wash based at 165-20 Archer Avenue and transform it into a Holiday Inn Express with 206 keys. [The Real Deal]