PRESENTATION
Affordable housing component and development team background
2:30:40
·
4 min
Frank Monterisi from Related Companies discusses the affordable housing component of the project and the development team's experience. He emphasizes the deep affordability levels and the team's commitment to the redevelopment of Willets Point.
- All 1,400 units in Phase 2 will be developed under HPD and HDC affordable housing programs
- Affordability levels range from less than 30% AMI to 110-120% AMI
- Over 50% of units in Phase 1 reserved for low-income households, with 15% for formerly homeless residents
Frank Monterisi
2:30:40
Thank you, Ethan.
2:30:41
Good afternoon, Council Members and Chair Riley.
2:30:45
My name is Frank Monterici.
2:30:46
I'm an Executive Vice President from Related.
2:30:48
I've been working on our World's Point project for a very long time over a decade.
2:30:53
I grew up 5 minutes from this site in Whitestone.
2:30:57
This site, this project is very close to home for me.
2:31:01
The Queen's Development Group is a 5050 joint venture between related and Sterling Equities.
2:31:05
Both of our companies have been the developers of large mixed use projects here in New York City.
2:31:13
We have related, our company has started in affordable housing more than 50 years ago.
2:31:17
And affordable housing is very much a part of our DNA.
2:31:22
Next slide.
2:31:28
If we move one slide.
2:31:29
Thank you.
2:31:30
So as you see the the the pictures of the projects on the on the screen here, these are are projects that I have led here in New York City.
2:31:39
100 point south, 925 units, all affordable on the Long Island City Waterfront.
2:31:44
Riverwalk Park, 340 units on Roosevelt Island.
2:31:48
The Harriet Tubman house is 63 units in in Far Rockaway.
2:31:51
Many of these projects in Queens, all of them, all affordable projects.
2:31:57
And again, affordable housing is something related that we are proud to do, not something that we are forced to do.
2:32:05
Next slide.
2:32:08
To show that, we've just started on vertical development at the 1st phase of World's point that Councilman Councilman Moi had talked about previously.
2:32:16
This is a what you see on the screen here is a 100% affordable project.
2:32:21
We are we closed our construction financing and ground lease with HPDH and EDC in November.
2:32:29
This is an 880 unit project.
2:32:32
The the first part of the of of phase 1.
2:32:35
What you see on the screen here is 1100 units.
2:32:37
The first 8 180 units is what we started on.
2:32:40
As the as the as the council as as Castle Memorial referred to before, very, very deep affordability in this project.
2:32:49
The affordability levels that we came up with are a result of long standing conversations that we've had with the councilman, the the borough president, all the city agencies involved, HPD, HDC, EDC, and and and the mayor's office.
2:33:11
Our deal for phase 2 for the next 1400 units that are that is that is of the the subject of our conversation today is that all the additional 1400 units in phase 2 will will be developed in accordance with the standards with HPD and HDC through their affordable housing programs.
2:33:30
All of the units, all 1400 units.
2:33:33
Will be developed in those programs.
2:33:35
And the affordability levels for the next 1400 units will be similar to the affordability that we've just finalized on the 8 80 units that we just that we just started on.
2:33:47
And to just throw some of those stats out there, that of of of those affordability levels.
2:33:55
Over 50%, it's 52% of the 8 80 units.
2:33:59
Are reserved for locum households.
2:34:01
15% of the units are reserved for formerly homeless residents.
2:34:06
And and the affordability levels range from less than 30% of AMI to a 110, a 120% of AMI all of which are below market in this area.
2:34:20
Next slide.
2:34:23
We are committed to the redevelopment of World's Point.
2:34:26
As I said before, we were the designated developer of this district in 2012.
2:34:30
We have been working on this plan.
2:34:32
For over 10 years.
2:34:35
This is a project that will transform an area that was under utilized and contaminated and turn this into New York, it'll turn it into Queen's next great neighborhood.
2:34:46
This is an all affordable project that will be anchored by a soccer stadium from New York City football club.
2:34:51
I'm happy to turn the microphone over to Jenna Sullivan from NYCFC.