January 12, By Michael Florio
The Durst Organization is hosting a groundbreaking ceremony for the massive Hallets Point development on Thursday.
The $1 billion project, which includes seven buildings, will bring 2,200 units of housing as well as a supermarket and a school. The project will take seven years to complete and will be located on a 7-acre parcel of land along the East River near 26th Avenue, First and Second streets.
Twenty percent of the 2,200 units will be offered at below market rate. The City Council approved zoning changes to allow the project to proceed n 2013.
The below-market-rate housing will be incorporated into each phase, including the first building that will consist of approximately 400 units. The first structure will be located at First Street and 26th Ave.
This is one of two mega housing projects that will change the Hallets Point peninsula.
Alma Realty will be building Astoria Cove that will consist of five residential buildings containing 1,700 units, 27 percent of which will be affordable.
Mayor Bill de Blasio is expected to attend Thursday’s ground breaking.