65-Unit Affordable Housing Community to Replace Old Knitting Mill Site in Burlington
By Veronica Grecu, Associate Editor
The City of Burlington and Ingerman Development Group, a real estate development company based in Cherry Hill, NJ, this week celebrated the official start of construction of a new affordable housing project located only 20 miles from Philadelphia. Dubbed “Apartments at the Mill,” the residential project will be built on a vacant, 2.4-acre site and is part of a larger redevelopment plan to transform the derelict Knitting Mill Area into a new, dynamic neighborhood that is expected to ease the strong housing demand in Burlington County’s oldest city.
Overall, the new apartment complex located at 505 Mitchell Avenue will have 65 affordable rental units in a combination of one-, two- and three-bedroom apartments that will be housed in five, three-story multifamily buildings constructed at the site. According to the Burlington County Times, construction at the Apartments at the Mill will be completed this fall. Leasing of the units is expected to begin in spring 2015, with monthly rents ranging from $300 to $1,000 depending on the income, the news source said.
The development site includes an abandoned, 11,000-square-foot textile mill (pictured at right) that was last occupied by the Raffino Knitting Corp. Once renovated, the building will house a community center and office spaces on the ground floor and 11 apartment units on the remaining two floors.
As reported by The Courier-Post, the $15 million project was financed through a mix of affordable housing credits from the New Jersey Housing and Mortgage Finance Agency, Wells Fargo and the Burlington County HOME program.
Project rendering via the City of Burlington on EventbriteTags: affordable housing, Apartments at the Mill, Architecture/Design, Burlington NJ, Consumer, Developers, Development, economy, Finance/Investment, Financiers, Ingerman Development Group, Investors, leasing, Local, Mitchell Avenue, mixed-use, multi-family, multifamily affordable project, National, Philadelphia Lead Story, Professional, redevelopment project, Regional, rental units, Residential