July 18, By Jason Cohen
Construction has begun on a nine-story, 711 unit complex in Astoria—near Socrates Sculpture Park.
Criterion Group, an Astoria-based firm, is developing the two-building complex—-with one structure being nine-stories consisting of 565 market-rate apartments and another being six-stories containing 146 affordable units.
The complex is located at 30-80 12st Street.
The total cost to develop the site will be $315,600,000 and that project is being designed by HAAK Architects, reported YIMBY. It noted that 18 percent of the project’s funding will come from the EB-5 Immigrant Investor Program, a program that gives visas to foreign nationals who invest in commercial enterprises.
The total development will 483,000 square feet. Completion is about two and a half years away, set for the end of 2019 or early 2020, YIMBY reported.
The developer could not be reached for comment.