“After years of planning and partnership, we’re breaking ground on the first large-scale middle-class development to be built in our city in more than three and a half decades,”Mayor Bloomberg said.

The Hunter’s Point South waterfront, one the most affected New York City’s coastline by Hurricane Sandy, will have the largest housing complex in the city since the 1970’s.  

The Hunter’s Point South development includes a multiphase housing project. The first two residential Buildings to be constructed, as a part of the first phase, will be ready for occupancy next year, but is expected to be fully completed by 2015.

Mayor Bloomberg announced that this middle class housing development is the largest affordable “Bloomberg Administration’s New Housing Marketplace Plan.” This initiative will finance 165,000 affordable units for half a million New Yorkers including teachers, police officers, and nurses by the end of 2014.

The phase project I, which include two residential buildings, will cost $332 million. Wells Fargo will contribute approximately $20 million to pay down a portion of the construction financing and Citibank will provide credit enhancement for the HDC senior loan of $72.8 million.

Also, Bank of the America is contributing with more than $80 million in construction financing, “which will provide much-needed workforce housing, according to Todd Gomez, Community Development Banking Executive for the Northeast Region at Bank of America Merrill Lynch.

Queens Borough President Helen Marshall said the Hunter’s point south development will offer retail opportunities and will attract additional investment and economic activity to the city.

The City will issue a request for proposals for phase II  next month.