Madison Realty Capital is planning to build one of the largest new projects Woodside has seen in decades.
The firm is planning a two-tower complex at 69-02 Queens Boulevard with 561 apartments, 5,600 square feet of retail and a parking lot with 242 spaces, according to the Commercial Observer. The development would require a rezoning of several industrial parcels, and the project would span about 500,000 square feet.
Madison hopes to rezone most of the block between Queens Boulevard, 69th Street, 70th Street and 47th Avenue, as well as get a special permit to build 40 feet taller than the current height limit of 140 feet for new residential buildings. This would require the company to make 30 percent of the project’s units affordable for families earning at or less than 80 percent of the area median income.
The company could still build a 12-story building with 289 units on the site if it does not get the rezoning.
The project would be the first ground-up residential development for Madison in Queens. Its other residential projects include 78 Irving Place by Gramercy Park, One Great Jones Alley in Noho and three rentals in Clinton Hill. [CO] – Eddie Small