New mixed-income housing is vital for the continued revitalization, development, and growth of the Asbury Park community
ASBURY PARK, N.J., June 17, 2019 (Newswire.com) - City officials joined executives from The Michaels Organization for a groundbreaking ceremony to mark the grand opening of The Renaissance, a critical step in the revitalization of the Asbury Park community and the Springwood Avenue corridor.
“Today, we take a huge step in bringing back a thriving community along Springwood Avenue. Rebuilding is about families and communities, and make no mistake, it’s families that bring back communities,” said Charles A. Richman, Executive Director of the New Jersey Housing & Mortgage Finance Agency, who was a keynote speaker at today’s event.
The Renaissance is comprised of three parcels of land that feature 64 brand new units. 32 of these units are in a 4-story multi-family building on one parcel and the other 32 units are located across 4 new townhouse-style buildings in the other two parcels. These buildings are the first step in developing what will be known as ‘The Westside Village’ and will deliver mixed residential and commercial use property.
“I must thank everyone for all their hard work in getting this job done. We are now seeing the rewards in this beautiful 64-unit community,” said Gin Dawson, Vice President of Development at The Michaels Organization. “Michaels was very lucky to partner with the City of Asbury Park. At the heart of what we do is lifting lives and there is no better reward than the look on a family’s face when they move into their new apartment. We lift lives by providing not just housing, but homes.”
Apartments are available in one-, two-, and three-bedroom layouts, all fully outfitted with ample living space, energy-efficient appliances, and heating and cooling systems and all 64 units are designated for families in need of affordable housing with incomes at or below 60% of the area median income. Apartments are earmarked for families at each income level below this threshold, and five units are set aside for homeless individuals, with first priority going to homeless veterans.
“I saw the need for this community throughout the county and how much it will benefit Asbury Park,” said Freeholder Thomas Arnone. “When Michaels called, I didn’t just see this project as something that had to be done; I knew it was the right thing to do. It shows how people can come together in great partnerships and it really shows that the sky is the limit.”
The Springwood Avenue corridor has a long, exciting history as a cultural hub for the community. Featuring numerous retail, dining, and entertainment attractions, as well as many local jazz and blues music clubs, Springwood Avenue is a west side neighborhood with a storied past. The development of The Renaissance across three parcels of land, as well as the recent opening of Springwood Avenue Park across the street, aims to breathe vitality back into this historic neighborhood.
“‘The Renaissance’ is the perfect name for this project,” said Councilperson Yvonne Clayton. “That’s what the Springwood Avenue corridor is experiencing-- a revival and a renewal. I’m very grateful to be a part of this process. The property is already fully occupied by Asbury Park citizens, the formerly homeless, and veterans. This truly is a renewal.”
The Renaissance features 1200 sq. ft. of retail space that has yet to be leased out and also is located in a mixed-use area of residential and commercial properties. The project is very close to the local bus and train transportation hub which will provide easy access to numerous schools, parks, and is near a bustling downtown area that features numerous restaurants and shopping establishments. The Renaissance is also located within a 1/2 mile of ocean beachfront, boardwalk, and the iconic Stone Pony.
Financing for the $20.7 million Renaissance building includes $7.3 million in Tax Credit equity raised through the sale of Federal Low Income Housing Tax Credits, which were allocated by the New Jersey Housing and Mortgage Finance Agency and syndicated by Riverside Capital. NJHMFA also provided $2.5 million for permanent and construction financing from its First Mortgage program, and $8.8 million in Community Development Block Grant Disaster Recovery Funds. The development also benefited from half a million dollars from the Monmouth county HOME fund.
Michaels Management will serve as the property manager for The Renaissance, ensuring that the community remains a long-term asset to the neighborhood. Social Services will be provided by Michaels’ strategic partner, the nonprofit organization Better Tomorrows. The development team also includes KNTM Architects as the project’s architect and the environmental engineer was Lewis Consulting Group.
About The Michaels Organization:
The Michaels Organization is a national leader in residential real estate offering full-service capabilities in development, property management, finance and construction. Michaels brings comprehensive solutions to communities that jump-start housing, education, civic engagement and community prosperity, and is committed to creating communities that lift lives.
Source: The Michaels Organization