2017-07-26 / Front Page

Residential Complex Underway On 12th Street

By Liz Goff
Construction is underway for a nine-story, 711-unit residential complex on 12th Street in Astoria.

Astoria-based developer Criterion Group is building the 483,000-suare-foot, two building complex featuring 565 market-rate apartments in the nine-story building, and 146 affordable rent apartments in a separate, six-story building at 30-80 12th Street.

A posting on the YIMBY (Yes, In My Back Yard) website indicates that the project is being funded, in part, through the federal EB-5 visa program, which provides green cards to foreign nationals who invest in commercial enterprises.

The EB-5 Immigrant Investor Program, created by the Immigration Act of 1990, provides a method for eligible immigrant investors to become lawful permanent residents, informally known as “green card” holders, by investing to finance a business in the United States that will employ at least 10 American workers.

The program connects foreign investors with developers in need of funding through regional centers. The regional centers are private, for-profit businesses that are approved by the Department of Homeland Security.

Eighteen percent of the more than $315 million project will be funded through the EB-5 program, according to YIMBY.

Construction is expected to last more than two years, with completion by late 2019 or early 2020.

The buildings will be centrally located within walking distance to the Broadway and 30th Avenue commercial strips and the Socrates Sculpture Park in Astoria. The complex will also be within walking distance to Long Island City High School, the 31st Street elevated subway line and 21st Street, with direct MTA bus service to the Queens Plaza transportation hub.

 

 

 

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