Pi Capital Partners plans 142-unit residential building in Elmhurst

Pi Capital Partners, on June 9, filed a permit application for construction of a 142-unit, 112,681-square-foot residential building, the Elm South, at 86-15 Queens Boulevard in Elmhurst. This is the third phase of the firm’s master development for Elmhurst.

The Elm South plans call for the construction of an 85-foot tall, seven-story residential building. James Pi, Pi Capital managing member, was identified as a member of the entity that owns the parcel, 8615 Queens Blvd LLC. The total building size is 134,314 square feet.

Forte Preparatory Academy will be the main anchor tenant with the new State of the Art Charter School (Grades 5-8) as well, according to Pi Capital.

The first of the buildings in the master plan, the 83-unit Elm East, was finished in 2012; the second, Elm West with 142 units, will be completed this year. The fourth, the Elm North at 86-32 Broadway, is in design, and will have 30 to 40 apartments.

The Project is an Affordable Housing Project with 30% designed for the new Affordable Independent Residential Senior living (AIRS).

The project is described in the filings as: new building.

The cellar, basement, and ground floor of the proposed building will be used for a school, according to the plans. In addition to the school, the basement will also have space for a food store. Floors two and three will each have 24 apartment units, floors four and five will each have 25 apartment units, and floors six and seven will each have 22 apartment units. Of those apartments, there will be 10 affordable housing units on the second floor, eight affordable housing units each on floors three through five, and five affordable housing units each on floors six and seven.

Raymond Chan Architect P.C. is the architect listed on the application.

While no demolition permits have been filed, there is currently a 2-story, 21,046-square-feet commercial and office building on the property.

The property was acquired for $16.7 million on December 18, 2019.

On March 12, 2013, Pi Capital Partners filed planes for a 75-foot tall, 7-story residential building with 142-units across the street at 85-15 Queens Boulevard.

Direct link to Acris document.LINK

Direct link to DOB document.LINK

Correction: James Pi’s title was changed from president to managing member, and additional details of the project and the master development were added.