Developers Seek Funding for Archer Towers Project, Continuing Trend in Multi-Family and Affordable Housing Expansions

In Mid-May, the first discussions of a new residential structure to come in the Jamaica neighborhood of Queens were heard. BRP Companies expressed an interest in financing Archer Towers, a high-rise multi-family complex, and in the weeks since has listed it as one of their ongoing projects. They shall be partnering with investment firm JLL Capital Markets in order to secure funding to the tune of about $286 million. A previously completed building in the area includes the Crossing, a mixed-use structure directly across from the Jamaica Terminal. 

What Is the Basic Plan Behind the Archer Towers Project? 

Just a few blocks away from its neighbor, the Crossing, Archer Towers will also be a mixed-use project, combining residential and retail spaces within a single structure. Locals can conveniently do all their shopping within steps of their home, or skip to mass transit at the nearby terminal. Many residential projects with a similar intent have been cropping up over the last few years, with many neighborhoods favoring the mixed-use model. 

Other features and amenities (which by themselves will take up about 20,000 square feet)  include: 

  • Archer Towers will include 24 stories of space, comprising 540,000 square feet.
  • The residential spaces will be rentals with 424 market-rate units and then an additional 181 for mixed-income households. Phase II, to begin in 2021, promises another 400+ apartments, including 120 affordable housing units.
  • For fitness and wellness, residents will have an outdoor rooftop, a landscaped backyard space, a basketball court, and a yoga studio. 
  • For recreation, residents will have access to a lounge, a playroom for children, a pet spa, and a movie screening room. 

What Does the Road to Completion Look Like?

Demolition on the previous properties on the lot was completed in 2019. Even with delays related to COVID-19, the project was deemed essential, possibly thanks to its leanings toward affordable housing. Delays may continue because of the current effects of the epidemic, even as construction across the state begins to reopen.

Studio V Architecture is behind the design of the building, and early renderings have revealed sleek, modern aesthetics. Without any released data on the pricing for finished apartments, it is clear that more details are forthcoming, including the level of luxury the finished project will feature. 

With 24 stories to raise and then fill, and in the span of two phases, however, the Archer Towers project is promising multiple years of upcoming work for contractors and construction firms associated with it.

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