Hallets Point (pictured, artist’s rendition), a planned five-tower residential complex in Astoria in the borough of Queens, was expected to include three cogeneration plants to provide the site with power, hot water, heating and cooling.
The gas-fired plants, with a combined capacity of 6.8 MWe, would have served the development’s homes, retail spaces, a school, a supermarket and a waterfront park.
Developer The Durst Organization has now scrapped the $43 million project after the state’s 421-a incentive, which provided tax breaks for building affordable housing, expired earlier this year.
A Durst Organization spokesman told local news site Curbed New York: ‘Without a new 421-a or a replacement programme, we can’t continue with the project’. He added that with the tax break, ‘the economics for the project collapse and we couldn’t get a construction loan.’
Work on just one of the five planned buildings was underway when the law expired; it qualified for the tax exemption and will still be built. However, the Durst Organization said building a cogeneration facility just for this building would be too costly and it would explore other options.
See full article here.