Okay, I'll jump in with a point of view that's going to be unpopular.
I haven't seen a rendering of the project, so I'm not talking about the project's design. But as far as it's basic scale is concerned, I support the project (minus the parking garage). I'll even go as far as saying I'd like to see much more development on this scale along the Broadway and Roosevelt corridors. In my view, these areas represent some of the best locations to channel the growth that is inevitably coming to our area, because of the superior transit service and walkability they provide.
NYC is expected to add 900,000 new residents by 2030, and Queens will see a significant share of that. We face a basic choice. We could continue the "overgrown suburb" development path we've been seeing, where this growth occurs in places like East Elmhurst and Corona, where the need for auto ownership is high, and most trips are consequently auto trips. This would put ever-greater pressure on our quality of life as more and more shoppers attempt to reach our business districts by car.
Alternatively, we could grow around our transit nodes, so that a far greater share of residents will get to their destinations by transit and by walking. More residents at our transit hub would help make the area safer and more pleasant, gradually making alternatives to the "nightclub and bar" scene (which primarily caters to non-residents) more viable.
As for the approvals process, I expect that this project fit within what was allowed by the area's zoning, so no lengthy approvals were needed. I don't know the process that would be required if a zoning variance were requested, but if a Community Board hearing were needed, this would fall under the jurisdiction of Elmhurst's CB4.