Long Island City-based Alma Realty plans to build four towers and a promenade with shops, restaurants and a supermarket on a 8.5-acre parcel on 26th Avenue, along the East River, the New York Daily News reported.
“We want the waterfront to be iconic — something that’s really going to draw folks,” attorney Howard Weiss, who is representing the project, told the Daily News. “Almost 40 percent of the site is going to be (public) open space.”
Alma anticipates filing official applications for the project, named Astoria Cove, by the end of the year.
The owners of a site across the street at 3-15 26th Avenue are looking for a development partner. Real estate firm Avison Young, which is handling the property, says that the lot is worth about $80 million and could be built up to 800,000 square feet.
The third project in the neighborhood, Hallets Point, is a 2,200-unit waterfront development along 1st Street and has been in the making for about five years. The finished project would have seven housing towers, a waterfront promenade and a supermarket, according to developer Lincoln Equities Group.