Last Beam Placed on NJ Mixed-Income Project
- May 01, 2019
The developers of a new transit-oriented project in West Orange have topped out on the five-story property that will bring 100 mixed-income rental apartments to the suburban township in Northern New Jersey. Construction of the $29.7 million project is expected to wrap up the end of the year.
Developed by The Alpert Group, Ironstate Development, and Housing and Neighborhood Development Services Inc. (HANDS), Valley Road Residential is located at 22 Central Ave., adjacent to the Highland Avenue train station that provides service to Newark and Manhattan.
The five-story building includes 45 market-rate apartments and another 55 affordable units earmarked for households earning up to 60 percent of the area median income (AMI). Of these, seven apartments are available for residents earning 30 percent or less of AMI. Rents on the market-rate units will range from $1,500 to $1,795, and on the affordable units will range from $449 to $1,361.
Apartment sizes will range from one to three bedrooms and the development also includes onsite parking, common laundry facilities and a community room.
State, township foster affordability
The project, which broke ground last August, is being developed on a former industrial site and brownfield next to the Harvard Printing apartments, which was developed by the same team with assistance from the New Jersey Housing and Mortgage Finance Agency (NJHMFA).
The state agency awarded the new development 9 percent Low Income Housing Tax Credits, which are anticipated to generate $12.5 million in private equity. Valley Road Residential also received funding from West Orange’s municipal affordable housing trust fund.
“The Valley Road apartments are an exciting addition to the West Orange neighborhood and will provide families and young people entering the workforce a high-quality place to live that’s close to public transportation,” said New Jersey Lieutenant Governor & Chair of the NJHMFA board Sheila Oliver, in prepared remarks.
Last November, NJHMFA and Michaels Development began work on the second redevelopment phase of a neglected public housing property in Camden, N.J. The completed $21.5 million development will provide 72 affordable units.