BRP Companies has broken ground on Archer Towers, a planned 24-story, 542,000-square-foot mixed-use development in Jamaica, Queens, New York. The Urban Investment Group within Goldman Sachs Asset Management (GS) provided financing for the construction, which is slated for completion in Spring 2024. In addition, Goldman Sachs raised the Opportunity Zone equity for the project. This investment is also part of GS’s One Million Black Women initiative, a $10 billion investment strategy to narrow opportunity gaps for Black women of the next decade.
Located at 163-05 Archer Avenue, Archer Towers will feature 605 mixed-income residences, 20,000 square feet of amenity spaces and 14,000 square feet of retail space. Archer Towers marks BRP’s second major development in Jamaica, following the firm’s recently-completed The Crossing at Jamaica Station, a mixed-income, 669-unit residential building located at 148-10 and 147-40 Archer Avenue.
“We’re excited to celebrate the start of construction of Archer Towers, which will deliver much-needed workforce housing options to the local community,” said Meredith Marshall, co-founder and managing partner of BRP Companies. “Much like the Crossing at Jamaica Station, we believe Archer Towers will have a tremendous positive impact on the neighborhood and will add to the vibrancy of downtown Jamaica.”
“Affordable housing and access to quality jobs are foundational elements to all strong communities and are key focus areas of our One Million Black Women initiative, which seeks to narrow opportunity gaps for Black women in the US,” said Margaret Anadu, Goldman Sachs’ global head of sustainability and impact for asset management. “Archer Towers drives both of these impacts, making it another step forward in ensuring that this neighborhood will be a place of choice and opportunity for the families that call it home for decades to come.”
Plans for the development include a range of amenities, including 199 on-site attended parking spaces, a resident lounge, a movie/media room, a children’s playroom, landscaped outdoor and rear yard space, a basketball and pickleball court, a golf simulator, a yoga studio, a conference room, a pet spa and bicycle storage. Additionally, Archer Towers will include a number of sustainable design features, such as the implementation of Energy Star appliances within each unit, vertical heat pump systems, a roof water retention system and sun reflecting/absorbing solar energy materials on the exterior facade of the property.
Archer Towers is located just blocks away from Jamaica Terminal.