Astoria’s 710-unit waterfront rental is moving forward

Over 700 new apartments are coming to the Astoria waterfront in the next few years. While this particular development has been in the works since at least 2015, the project now has a new developer, who recently filed plans with the city’s Department of Buildings, the Real Deal first reported.

Previously, the Criterion Group was also planning to bring over 700 apartments to this parcel, which is located just north of Socrates Sculpture Park. Criterion sold the site to Cape Advisors in March this year for $85 million. Now six months later, the developer has unveiled plans for what will eventually be a three-building rental development.

Cape Advisors plans to build two buildings in the first phase. Both buildings will be nine-stories tall. The building at 11-28 30th Drive will have 266 apartments, and the one at 11-12 28th Drive will have 275 apartments along with 500 square feet of commercial space. Altogether, the three buildings will measure 650,000 square feet. Of the total units at the development, 30 percent will be affordable. There’s no word yet on when construction will get underway.