Massive Hallets Point Project Ready for Construction

The massive $1.5-billion Hallets Point mega-project on the Astoria waterfront is ready to begin construction, now that the Durst Organization has acquired the final piece of the real estate puzzle. The developer paid $15 million for the land at 1-02 26th Avenue, and will go forward with the 2.5 million-square-foot residential and retail development. The project will bring more than 2,400 residential units to the heavily industrial area. Another mega-development, called Astoria Cove, is planned for the opposite side of the Hallets Point peninsula. That project, spearheaded by the Alma Realty Corp, will add seven buildings and 1,723 new apartments at a cost of nearly $900 million.

What is Hallets Point? It’s a new development planned for the waterfront along the Queens waterfront called Hallets Point, a peninsula that juts out into the East River just south of Astoria Park.

The mixed-use towers would share the peninsula with Astoria Houses and bring along much-needed amenities like a grocery store, retail and plans for a school in the process, according to the developer and representatives from the community, who have long complained about a sense of isolation.

Here are some project details:

•     The Durst Organization is the developer
•     Costs are estimated at $1.5 billion
•     The development will create jobs though construction and later, retail
•     The mixed-use development is slated to have twelve buildings on ten acres
•     Three of the buildings would be on existing NYCHA property (Astoria Houses)
•     Seven of the buildings would be residential, containing 2404 apartments
•     483 units would be affordable housing, geared toward seniors
•     1,921 units would be market rate housing
•     A few waterfront townhouses are also planned
•     Heights of the buildings would range from 20 to 40 stories

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The project is situated on 26th Avenue between the waterfront and as far east as 9th Street, and the Astoria Houses development is on the project’s south side.

Other elements of the development include construction of a K-8 public school on the Astoria Houses campus; retail, including a supermarket, drug store and restaurants; and a landscaped public esplanade along the East River. Underground parking is also planned for the development.

City and federal officials are looking for funding from Washington to expand the East River Ferry, pushing a plan that would bring the waterway service to Astoria’s developing Hallets Point peninsula and several other city neighborhoods.

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The project’s architect, Jay Valgora, who also designed the nearby 1,723-unit Astoria Cove development, is working on seven different projects that will help transform the city’s 528 miles of waterfront over the next 30 years.

City lawmakers have already given their approval for both projects.

Construction is expected to break ground later this year, and both projects should be fully completed by 2022.

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Since October 1, 2011