Josh Zegen, co-founder and managing principal of Madison Realty Capital

NEW YORK CITY—The New York City Council approved Madison Realty Capital's 500,000 square-foot, mixed-use development at 69-02 Queens Blvd., in Woodside, Queens. The project will include 431 apartments, 129 which will be affordable housing and a 476-seat elementary school. In addition to rezoning the 1.5-acre site, the city mapped out a Mandatory Inclusionary Housing Zone, and the project will be developed under the city's Mandatory Inclusionary Housing rules.

The development, to be built on Queens Boulevard between 69th and 70th streets is the first ground-up project in Queens for Madison Realty. The real estate firm states it will be employing the 32BJ union for construction work.

The complex will house a school with kindergarten through fifth grade classes, two residential towers and more than 5,000 square feet of retail. It will offer parking for 240 cars and publicly accessible open space. In receiving feedback from the community and councilman Robert Holden who represents Woodside, Madison Realty modified units to include a larger percentage of two-bedroom apartments to accommodate families and reduced the heights of the multifamily buildings.