Officials have started construction on the first phase of a massive development that will deliver more than 2,500 affordable housing units, roughly 35,000 square feet of public open space, a soccer stadium, and more in New York City.
Officials say the project will be the largest 100% affordable housing development in the city in 40 years.
Willets Point Phase 1A will feature the development of an 880-unit community in the Willets Points neighborhood of Queens. Units will be home to households earning between 30% and 120% of the area median income, with 133 apartments set aside for residents who were formerly homeless.
The community is the first phase of a joint venture between Related Cos. and Sterling Equities that will transform underutilized land with 2,500 affordable homes across six apartment buildings, a hotel, a public school, and a stadium for the city’s Major League Soccer team.
Wells Fargo’s Community Lending and Investment (CDI) group has arranged $359 million in financing for the initial phase.
CLI is the administrative agent on a $236.5 million construction facility and provided a $123.5 million low-income housing tax credit investment. Additionally, the city has committed over $420 million to the project to support both the housing and major site infrastructure improvements.