The Michaels Organization hosted a groundbreaking ceremony marking the beginning of construction on The Renaissance, a new mixed-income, mixed-use affordable housing community that is considered a critical step in the revitalization of the Springwood Avenue coordinator in Asbury Park.
The event drew city and state officials, including John Moor, the Mayor of Asbury Park, City Councilwoman Yvonne Clayton, NJ State Senator Jennifer Beck, several Freeholders from Monmouth County, and the Executive Director of the New Jersey Housing and Mortgage Finance Agency.
The Renaissance will be comprised of 64 new apartment units, in a mix of mid-rise and townhouse style buildings.
“We are proud to be the city's partner and look forward to providing exceptional affordable housing to the families of Asbury Park and to being a part of this community for generations to come,” said Joel Silver, senior vice president of The Michaels Development Company.
Apartments will be available in one-, two-, and three-bedroom layouts, all fully outfitted with ample living space, energy-efficient appliances and heating and cooling systems. All 64 units will be affordable to households with incomes at or below 60% of the area median income, with priority given during the initial lease-up phase to individuals and families impacted or displaced by Hurricane Sandy.
"This is a game changer for Springwood Avenue and Asbury Park," said State Senator Jennifer Beck.
The Renaissance 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 ½ mile of ocean beachfront, boardwalk, and the iconic Stone Pony.
Financing for the $20.7 million Renaissance building includes $7.3 million in private 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.
Interstate Realty 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 Interstate’s strategic partner, the non-profit organization Better Tomorrows. The development team also includes the Co-developer, Kalee Development, KNTM Architects as the project’s architect, and Gary Gardner as the General Contractor. The environmental engineer is Lewis Consulting Group, PS&S is the civil engineer. Cherry Weber & Associates, is serving as geotechnical engineer and PT Consultants are the environmental consultants.