Work is now underway on a major $400 million dollar mixed-use project in downtown Jamaica. NY1's Clodagh McGowan has more on the largest private investment in the area in decades.
It was a groundbreaking more than 10 years in the making. Construction is now underway on the Crossing at Jamaica Station, a 773,000 square feet housing and retail project.
"It's the largest and the most transformative project in Jamaica and it's the linchpin for things to come in Jamaica," said Meredith Marshall, the co-founder of BRP Companies.
The $400 million dollar project is directly across the street from the Jamaica transit terminal. It boasts two buildings, 25,000 square feet of retail space and almost 700 affordable housing units.
Department of Housing Preservation and Development Commissioner Maria Torres-Springer said the units will be affordable to families making as little as $24,000 to others making a moderate middle-class income.
"That's important, because we need to make sure we're addressing the affordable housing crisis in a way that there are homes available to families of different incomes," said Torres-Springer.
The Greater Jamaica Development Corporation has worked towards the project for 15 years, purchasing lots with an affordable housing project in mind. The community planning organization sold the land to the real estate development company BRP in 2014. Goldman Sachs also invested $300 million dollars in The Crossing. It’s one of the largest private investments in Jamaica's history.
"This is a great day, this is a tremendous symbol of the revitalization happening in the downtown," said Hope Knight, president of the Greater Jamaica Development Corporation.
In addition, the project is expected to create 4,000 new construction jobs.
"Beyond the great paying jobs on the construction site, we'll have permanent jobs with the retail, the community facility and the building operations and it will send a signal to other investors and financial institutions that Jamaica is open for business," said Marshall.
Construction is expected to be complete by 2020.