NEW YORK—National real estate developer PMG has announced itsfirst project for its recently-formed affordable housing division—a$35 million housing joint-venture project with M/WBE, BrisaBuilders. The project will be located in Far Rockaway, Queens.

Launched in 2019, PMG Affordable will acquire existingaffordable housing and Section 8 properties nationwide. It plans topartner with groups such as M/WBE-certified businesses,municipalities and local housing authorities as well as bothnonprofit and for-profit JV co-development partners.

PMG Affordable's markets include New York along with theSoutheast with a focus on Florida, Texas, and select areas in theSouthwest where PMG is currently active with developmentprojects.

"We look forward to announcing other transactions very soon inFlorida and other markets across the country," said Dan Coakley,principal of PMG Affordable, in prepared remarks.

PMG is most known for its developments such as Steinway Towerlocated 111 West 57th, Walker Tower and the Waldorf Astoria Hotel& Residences. PMG Affordable is a departure from the company'straditional luxury apartment orientation, as is another initiative,a national co-living, multifamily division called Society byPMG.

The Queens project will be co-developed by a joint venturebetween PMG Affordable and Brisa. Construction is expected tocommence in late 2021.

The nine-story mixed-use building is proposed in the DowntownFar Rockaway Special Purpose District, an area whose comprehensiveplan encourages diverse use of vacant and underutilized sites nearmass transit and primary corridors. The 62,500 square foot projectis designed by Paul A. Castrucci Architects and will include 92dwelling units, of which 60 will be supportive housing units and 32will be M.I.H. units.