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City Council Approves 2,500-Unit Megaproject for Hallets Point

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After more than four years of waiting, developer Lincoln Equities finally got the green light for its $1 billion Hallets Point megaproject (warning: PDF!). What does it all mean? That 2,100 luxury apartments, 500 affordable units, and community necessities like a bank, supermarket, school, and landscaped waterfront promenade (rendered above) are headed for what is at present an isolated, sleepy peninsula that juts out into the East River near Roosevelt and Randalls Islands. To woo local council members, the city agreed to conduct a $500,000 feasibility study to see if ferries between Hallets Point and Manhattan could help increase transportation options to and from the area, which are currently minimal at best. And because another developer is eying a nearby site for a 1,500-unit complex with similar bells and whistles called Astoria Cove, yeah, the population is bound to spike soon. Lincoln Equities plans to break ground in late 2014 or early 2015; meanwhile, Astoria Cove's exact future remains a mystery.
· $1B Housing Development for Hallets Point Approved by City Council [DNAinfo]
· Astoria Waterfront Braces for Influx of Luxury Apartments [Curbed]
· All Hallets Point coverage [Curbed]