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Tishman Speyer Teams with Arker on 2,050-Unit Far Rockaway MXU
Tishman Speyer’s TS Communities has entered an agreement with the Arker Companies to acquire and develop 10 of the 11 building sites at Edgemere Commons, a 100% affordable housing development in Far Rockaway, Queens. The 2.2-million-square-foot mixed-use project received City Council approval in late 2019.
The first all-affordable project undertaken by TS Communities, the 2,050-unit Edgemere Commons is being developed on the site of the former Peninsula Hospital, which closed permanently in 2012 in the aftermath of Superstorm Sandy.
The Arker Companies, in partnership with Slate Property Group, will break ground on the first Edgemere Commons building, comprising 194 apartments and a 20,000-square-foot supermarket, in early 2022.
Tishman Speyer affiliates will develop, own and manage the remaining 10 buildings, including the retail, community and public spaces. Along with building a community center and creating new open spaces, the development team will launch a $2-million Community Benefits and Youth Development Fund.
- ◦Sale/Acquisition
- ◦Development
