Tishman Speyer's TS Communities and Arker Companies have partnered to move forward on the development of Edgemere Commons, a 2,050-unit affordable housing project in Far Rockaways, Queens. TS Communities will acquire and develop 10 of the 11 available sites at Edgemere Commons, an affordable housing development in the Far Rockaways. According to industry sources familiar with the deal, the transaction is valued at $90 million.

Led by The Arker Companies, Edgemere Commons was initially approved by the New York City Council in November 2019, but stalled last year. The 2.2 million-square-foot project will feature 38,000 square feet of public space, 77,000 square feet of community-use space, like medical facilities, and 72,000 square feet of retail space. The development will also set 237 of the 2,050 units aside for seniors.

TS Communities will develop, own and manage 10 of the 11 planned buildings, committing to the affordability requisite. In addition, it will launch a $2 million Community Benefits and Youth Development Fund. This is the first 100% affordable project TS Communities has undertaken.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.