In 1962, a California-based investment group purchased of land along Pennsylvania Avenue between Flatlands Avenue and the Belt Parkway, intending to construct apartments on the property. The Thompson–Starrett Co. was retained to construct the buildings. In March 1964, the investment group applied to the New York State Housing Finance Agency for a mortgage worth $145 million towards the development. At the time, the site was referred to as part of Canarsie. On December 1, 1964, the State Housing Finance Agency announced a project called Park Shore Village, which would construct a middle-income apartment complex on the site. The complex would consist of 19 buildings standing 11, 17 and 21 stories high. It would also include a shopping center, community center, swimming pools, and a skating rink, along with a new elementary school (PS 346) and parking for residents. Funds would be provided by loans under the Mitchell-Lama Housing Program. The development would be built in two phases, eventually housing 25,000 people. The project was approved by the New York City Planning Commission on January 20, 1965, and by the New York City Board of Estimate on February 11, 1965. Construction on the first phase was projected to start in the spring of that year and be complete by 1967, at which point the second phase would begin. However, the original investment group withdrew due to financial concerns and the project did not commence.