Last week, elected and city officials joined the development team to officially open the 10-story, 231-unit building.
As the first project under the city’s Mandatory Inclusionary Housing (MIH) program, all of the apartments will be affordable, including 66 units reserved for very low-income seniors.
The building was developed by Monadnock Development and two nonprofit community organizations: Asian Americans for Equality (AAFE) and HANAC.
“We’ve created a project that reflects the best of Flushing,” said Frank Dubinsky, vice president of Monadnock Development. “A multi-use, multicultural affordable community asset.”
In addition to the housing, the project also features 22,000 square feet of ground-floor retail space, which will be leased to local businesses.
It also contains a 15,000-square-foot community facility space on the ground floor, a children’s playroom, gym, and terraces and farm on the roof.
AAFE will have an office in One Flushing, and will operate a senior care center on the second floor. That will open in the spring, according to co-executive director Jennifer Sun.
One Flushing will also be the new home of Renaissance Economic Development, AAFE’s small business services affiliate that offers low-interest loans and training to immigrant entrepreneurs.
Since it was founded 45 years ago, AAFE has developed more than 1,000 affordable housing units throughout the city, Sun said.
“By providing quality affordable homes, our hope is that the residents of One Flushing will be able to dream bigger and reach higher for themselves and their families,” she said, “and give back to the community.”
One Flushing, which was built on the former site of a municipal parking lot, will include a 156-space public parking garage underneath the building.
According to city officials, the project was financed through nearly $116 million in public and private investments. The city’s Housing Development Corporation provided $23 million in tax-exempt bonds, nearly $32 million in recycled bonds and $14.5 million in corporate reserves.
The Department of Housing Preservation and Development (HPD) added $15.4 million in city subsidies. The project also benefits from more than $21 million in low-income housing tax credits.
HPD Commissioner Maria Torres-Springer said One Flushing reflects the mayor’s commitment to build affordable housing on every underutilized lot in the city.
“That is a boon not just to this community, but to this city, for generations,” she said.
According to Councilman Peter Koo, the 231-unit development fielded more than 84,000 applications.
When added together with the 40,000 applications for 144 affordable units at the Macedonia Plaza project, more than 124,000 people in Flushing applied for just 375 units.
“Clearly there’s a desperate need for real affordable housing in our community,” Koo said.