A section of Queens that would have been the site of the Olympic Village had the city won its bid to host the games in 2012 will now be converted to affordable housing.
Mayor Michael Bloomberg announced Thursday that the city has acquired 30 acres of land in Hunters Point South to build a massive complex with views of the East River.
When its complete, the mayor expects 5,000 units of housing, 3,000 of which will be for families of four earning between $55,000 and $158,000 a year. The remaining units will be for market-rate housing.
"The question is when will it start. [The answer is] this fall, with the infrastructure," said Mayor Michael Bloomberg. "When will it finish, I think that's a function of the marketplace. What we're trying to do is rezone the big parts of the city that need it and whenever the marketplace is there, the developers can go in. We're trying to acquire the land, like in this case, and get the infrastructure in place."
Also in the plans for this development are a school, park land, and retail.
Bloomberg said the city is still looking for a developer for the project.