New Jersey Affordable Housing Project Advances With Phase 2
- Apr 30, 五星棋牌
The Michaels Organization has begun site work for the second phase of 2720 Fire Road, an affordable community in Egg Harbor Township, N.J., after having secured construction financing. Phase 2 is set to encompass 60 apartments, reserved for households earning between 30 and 60 percent of the area’s median income. The team developing the $15 million project includes general contractor Michaels Construction and architect Kitchen & Associates. Completion is expected in early summer of 2021.
Financing sources for the new construction include $3.9 million in private equity derived from a Berkadia investment in low-income housing tax credits, as well as $8.2 million in bonds from the New Jersey Housing and Mortgage Finance Agency. The project also received $8.6 million from New Jersey’s Hurricane Sandy relief funds.
The project’s second phase will consist of three-story buildings with one- to three-bedroom floorplans. A community center was built during the first phase, featuring laundry facilities, a computer center and a playground. Upon completion, the community will be managed by Michaels Management, Affordable Living.
Located almost 5 miles northeast of the city center, the development site is some 8 miles from Atlantic City and its beaches. The surrounding area holds various dining and shopping venues, such as a Walmart Supercenter and Harbor Square Shopping Mall.
The project’s first phase
According to The Press of Atlantic City, The Michaels Organization broke ground on the 76-unit first phase of the project in 2016, delivering the first apartments in 2017. As per the agreement with the Federal Emergency Management Agency, hurricane-impacted residents were given priority when renting. The developer also started the reforestation of 6 acres of woodlands surrounding the development site, a process that will continue during the project’s second phase.
The Michaels Organization has been active in the New Jersey area. In November, the company also started construction on a 60-unit affordable community in Newark. The $19 million project is part of the city’s Central Ward neighborhood revitalization.