The project, which relies largely on geothermal energy to minimize its carbon footprint, will bring affordable housing and boost storm resilience to an area devastated by Hurricane Sandy.
In December, developers closed on $30.3 million in financing for the first phase of Arverne East, a master-planned community and revitalization project within a 116-acre oceanfront site in the Arverne and Edgemere neighborhoods in Queens’ Rockaway Peninsula. Led by real estate firms L+M.
L+M Development Partners, the Bluestone Organization and Triangle Equities have closed on $30.3 million in financing for the first phase of Arverne East, a project that will revitalize a vacant 116-acre oceanfront site in the Arverne and Edgemere neighborhoods in Queens’ Rockaway Peninsula. Funding for the first phase was provided.