Cord Meyer Launches $100M Residential Development in Bayside, Queens

Cord Meyer Development has broken ground on a $100 million residential project at its Bay Terrace Shopping Center in Bayside, Queens, according to GlobeSt.com. The development will deliver 145 rental apartments across two five-story buildings, constructed on underutilized parking areas off 26th Avenue as the latest phase of the company’s ongoing repositioning of the shopping center.

The 145 units will range from studios to three-bedroom apartments, with many featuring private terraces. Some ground-floor residences will also include individual street entries. Planned amenities encompass rooftop terraces, outdoor gathering areas, a clubhouse, and resident lounges.

The residential push follows a multimillion-dollar renovation of the Bay Terrace Shopping Center, which now houses 19 food-and-beverage tenants and 12 apparel and accessories retailers, including Stop & Shop, Outback Steakhouse, and Old Navy.

“We’re providing residents with convenient access to grocery shopping, restaurants, entertainment, fitness and a wide range of national and local retailers,” said Joe Forgion, Cord Meyer’s vice president and project lead on the Bay Terrace development.

The developer is building on an underused parking lot rather than acquiring new land—a strategy that allows Cord Meyer to add housing without disrupting existing retail tenants, who already generate income at the site.

Cord Meyer expects to deliver the residential community by early 2028, with Callahan Construction Managers serving as general contractor.

Why It Matters

Retail-to-residential conversions reflect a broader industry trend. Developers are increasingly pairing housing with existing commercial infrastructure rather than building from scratch, a strategy that can reduce costs and shorten delivery timelines. The approach also echoes how other New York City developers have used underused sites to add units more quickly.

The project also signals confidence in Queens multifamily demand. Citywide vacancy rates remain near historic lows, giving developers greater incentive to convert underused commercial land into housing. For Cord Meyer, tying new apartments to a recently renovated shopping center could help lease the units more quickly through built-in retail access.

Cord Meyer has owned property in Queens for more than 120 years. The Bay Terrace site marks its latest bet on the borough’s residential demand, adding to a Queens development pipeline that has been thinning elsewhere in the city. The condo pipeline is also projected to shrink over the next several years.

Beyond Bayside, Cord Meyer is advancing a 203-unit residential project in White Plains, underscoring plans to continue expanding the company’s housing pipeline across the region.

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