New York, N.Y., April 15th, 2008 – The New York City Housing Development Corporation (HDC) closed on $72,000,000 in tax-exempt bonds for constructing a 144-unit student housing development, located on the Queens College Campus.

The Project will be located on the Queens College campus at 65-30 Kissena Boulevard. The site is at the southeast corner of the Campus near the intersection of Melbourne Avenue and Reeves Boulevard to the south of Fitzgerald Gym and to the North of Rosenthal Library. Although this development was intended to be for only undergraduates, the building will also include apartments for graduate students, faculty, staff, as well as resident advisors. This newly constructed development will consist of a single building with three, four and five story sections connected by walkways. In total, the buildings will comprise of approximately 155,738 square feet, with an underground garage for about 89 cars.

Each apartment will be furnished and will include one or more bathrooms and a kitchen with a stove, refrigerator, sink, and microwave oven. Residents will have their own closet, semi-private vanity area with. Amenities will include laundry facilities, fitness center, conference rooms, a social lounge with television and seating, public restrooms, administrative offices and conference area. Wireless internet service will be available throughout the facility, including outdoor patio areas. The Project is expected to be LEED Silver-certified, based upon the types of building materials, the nature of its landscaping, energy efficiency and minimal land disturbance. Emergency phones and CCTV, strategically placed on each floor and in the parking garage beneath the Residential Building, will be connected to the Queens College campus security.

Queens College currently offers no on-campus housing opportunities, although the College does house some athletes in off campus apartments. The College strongly believes that by offering on-campus housing, the overall student experience will be improved. In particular, the College is seeking to target students in the sciences and in music.

The developer of the project, Capstone Development Corporation, is a for-profit developer and operator of student housing. Capstone has developed 68 residential communities totaling over $1.25 billion in investments. The management agent for the Project will be Capstone On-Campus Management, LLC.

The New York City Housing Development Corporation (HDC) provides a variety of financing programs for the creation and preservation of multi-family affordable housing throughout the five boroughs of New York City. HDC is implementing Mayor Bloomberg’s New Housing Marketplace Plan to build and preserve 165,000 units of affordable housing over ten years. The New Housing Marketplace Plan is the largest municipal affordable housing effort in the nation’s history. Our programs are designed to meet the wide-range of affordable housing needs of the City's economically diverse population.
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