Hunters Point South is a signature project of Mayor Michael R. Bloomberg’s housing and waterfront development policies. The entire 5,000-unit complex, which was first announced by the mayor more than four years ago, will offer subsidized housing for an unusually broad swath of working- and middle-class families. The city has invested heavily in the site, buying this once industrial stretch of waterfront, where Newtown Creek enters the East River, for $100 million.

The city is also spending about $175 million on a toxic cleanup of the site, a 10-acre park, roads and water and sewer lines. It is also bestowing $50 million in grants to subsidize the affordable units in the first two buildings. A school is scheduled to open in 2013.

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