News Summary
The Perennial, a $150 million affordable housing project in Forest Hills, Queens, has begun construction. Revitalizing the long-abandoned Parkway Hospital, it will offer 145 affordable units, with 124 units for seniors, addressing critical housing needs. The project, developed by Foxy Development and Selfhelp Realty Group, will also include community resources like a space for the Forest Hills Jewish Center, supporting families and enhancing community engagement. Completion is expected by the end of 2027.
Construction Begins on The Perennial: A $150 Million Affordable Housing Project in Forest Hills, Queens
The construction of The Perennial, a significant $150 million affordable housing development, has officially begun in the Forest Hills neighborhood of Queens. The project will transform the long-abandoned Parkway Hospital building, which has remained closed since 2008, into a vibrant residential space.
A recently held “glass-breaking” ceremony marked the commencement of construction, celebrating a new chapter for the community and the revitalization of the area. The Perennial will comprise 145 units of affordable housing within a total mixed-use space of 156,133 square feet.
Of the total housing units, 124 will be reserved for seniors, including 44 units designated for formerly homeless seniors. This approach addresses the pressing need for affordable housing specifically tailored for the aging population in the area. The remaining 20 units will be designed for families, ensuring a broad spectrum of housing options for various demographics.
All housing units will be set aside for households earning up to 50% of the area median income. Additionally, rental costs for senior residents will not exceed 30% of their income, providing further relief to families and seniors navigating the financial landscape of New York City.
The Perennial development will also include a substantial 34,000-square-foot space dedicated to the Forest Hills Jewish Center, enhancing the community’s resources and contributing to its cultural fabric. This addition ensures that the development is more than just a housing project; it is also a place where community members can connect and engage.
The primary developers behind this project are Foxy Development and Selfhelp Realty Group, with architectural design led by Newman Design. Their collaboration aims to create a functional and aesthetically pleasing living environment that meets the needs of its residents.
Financing for the construction has been secured through TD Bank, while The Community Preservation Corp will provide permanent financing. Support for this project has also come from the New York City Department of Housing Preservation and Development (HPD), which is offering both capital financing and rental subsidies, demonstrating a significant commitment from city officials to address affordable housing challenges.
Additional backing will be provided by the NYC Human Resources Administration (HRA), ensuring that necessary social services, including case management and health services, are available to residents. This holistic approach is designed to support senior independence and well-being.
The project boasts various financial advantages, such as a 40-year property tax exemption and state sales tax exemptions during construction, further facilitating its feasibility and long-term sustainability.
The transformation of the old hospital will include an eight-story addition on the north side and multiple vertical extensions, which are anticipated to involve complex engineering solutions as the existing layout is reconfigured. This innovative approach to retrofitting an older building stands to set a precedent for future developments in similarly challenged structures.
Construction is set to wrap up by the end of 2027, with the project aiming to improve the overall quality of life in Forest Hills. This development will provide essential amenities such as common areas, a community room, and outdoor spaces, which are vital for fostering social interactions among residents.
In summary, The Perennial is poised to make a substantial impact in Forest Hills, not only by providing affordable housing but also by enhancing community engagement and well-being, particularly for seniors and families in need.
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Additional Resources
- QNS: Parkway Hospital Groundbreaking for Affordable Housing
- Housing Finance: Abandoned NYC Hospital Becomes Affordable Housing
- New York YIMBY: Affordable Housing Units in Forest Hills
- CT Insider: Waterbury Prospect Affordable Housing
- 6sqft: Construction of Affordable Apartments at Forest Hills Hospital
- Google Search: Affordable Housing New York
Author: Construction NY News
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