The Mayor also announced the designation of the Bluestone Organization, L&M Equity Participants and Triangle Equities as the joint-venture development team for Arverne East, a 97-acre site adjacent to Arverne by the Sea that will consist of 47-acres of housing and commercial space, a 35-acre nature preserve and a 15-acre dune preserve. Nearly 1,600 units of middle-income housing will be built at the Arverne East site. Forty-three percent of the units will be reserved for households with incomes no greater than $92,170 for a family of four. The Arverne East development will consist of condominiums, two-family homes and three-family homes totaling nearly 1,600 middle-income units, and it is receiving financing from the Goldman Sachs Urban Investment Group. The development will also include over 500,000 square feet of commercial space with retail and entertainment opportunities, and will create over 5,000 construction jobs, more than 1,000 permanent jobs and youth employment programs.