And the Jamaica development boom continues as another property is bought by PRG and Artimus. This is their second acquisition this year, having secured the site across the street for $17.1 million. Between these two properties and BRP Companies’ project on Archer Avenue, there are set to be 1,400 new apartments within a block of Jamaica station.
It is time for Jamaica to begin its move from ghettoville to actual civilization. Ghettoville has had too long of a shelf life here. Hopefully the end of ghettoville will soon happen, but hopefully not rampant irresponsible over-development. BUT, if all goes as plan, can the infrastructure handle this, because many hyper development places like Long Island City can’t, but then does this fucked up city and administration really even care. I know our local elected officials don’t, since they don’t seem to care about shit here except keeping people down and dependent on government hand-outs, hence GHETTOVILLE.
No doubt the wheels are already in motion and it does not look like it will go backwards……………….but then we do have the most irresponsible, most clueless, most idiotic man coming into the White House on January 21st, so all bets could be off, considerable the world may end as we know it, as we move into the Dark Ages Part II.
From Queens Courier:
Prime property in downtown Jamaica leased out for development
Development in Jamaica continues to boom, as a massive piece of property located in the heart of downtown Jamaica has just been secured under a long-term lease.
The 35,000 square foot site is located at 147-07 94th Ave., next to the Jamaica LIRR station. The property can be developed into a commercial, mixed-use or residential building.
CPEX Real Estate’s Development and Conversion Team, acting on behalf of the landlord completed a deal with the tenant — a partnership between Phoenix Realty Group (PRG) and Artemis Realty Capital — for a long-term ground lease.
This is the largest development site in Jamaica to change guard since 2014 and marks PRG and Artimus’ second acquisition this year, having secured the site across the street for $17.1 million. Between these two properties and BRP Companies’ project on Archer Avenue, there are set to be 1,400 new apartments within a block of Jamaica station.
“Downtown Jamaica offers all of the key attributes of a Central Business District, highlighted by its access to public transportation. It is a busy civic center that serves as home to CUNY York College, the Queens Supreme and Family Courts and bustling retail corridor Jamaica Avenue. We expect to see continued growth in Jamaica’s residential, office, retail, hotel and cultural sectors. Jamaica has a lot of the same attributes as Downtown Brooklyn where we have seen incredible results in economic growth as a result of private and public investment in the neighborhood. This is only the tip of the iceberg for Jamaica” said CPEX Managing Partner Brian T. Leary.