Key facts
- Slate Property Group and The Hudson Cos. will develop The Orion, a 980-unit housing project in Long Island City, Queens.
- The development will feature 658 affordable units, with 149 designated as supportive housing.
- The project is expected to cost between $650M and $700M and begin construction in the next few years.
- The development will include 6,000 SF of retail space and 9,000 SF of community offerings.
- The project will utilize the HPD's Mixed Income Market Initiative for financing.
Slate Property Group, The Hudson Cos., and nonprofit developer Volunteers of America have been selected by New York City to develop The Orion, a significant housing project in Long Island City, Queens. The development will feature 980 units spread across three buildings on a 70,000-square-foot lot. A key aspect of the project is its commitment to affordability, with two-thirds of the units, approximately 658, designated as affordable housing. Of these, 149 units will serve as supportive housing for individuals transitioning from homelessness.
The estimated cost for The Orion project is between $650 million and $700 million, with construction anticipated to begin within the next few years. The development will also incorporate 6,000 square feet of retail space and 9,000 square feet of community facilities, including a childcare center and a workforce development center, operated by Commonpoint Queens. Residents will have access to various amenities, such as rooftop terraces and fitness spaces.
This project is set to be the first to benefit from the city's Mixed Income Market Initiative, a program introduced in 2023 by then-Mayor Eric Adams. This initiative offers long-term loans to projects that maintain a roughly 70-30 split between affordable and market-rate units and allocate at least 15% of units for formerly homeless New Yorkers. The city plans to sell the land to the developers, pending regulatory approval, and will provide some form of subsidy, likely utilizing low-income housing tax credits.