L+M Completes NJ TOD
- May 07, 2014
Orange, N.J.—Work has been completed on 50 & 55 South Essex Avenue in the City of Orange, a township in Essex County, N.J. The 72-unit development includes eight market-rate apartments, with the balance as affordable housing, though one unit will be set aside for a full-time super.
L+M Development Partners is the developer. The project cost about $19.8 million and was funded through a mix of public and private entities. The New Jersey Housing and Mortgage Finance Agency awarded the project federal Low Income Housing Tax Credits that generated about $13.5 million in private equity, and other funding sources included a construction loan and permanent financing from Bank of America Merrill Lynch.
Located within the City of Orange’s designated Transit Village, the development is comprised of two newly constructed, five-story buildings across the street from one another on South Essex Ave. on the site of an abandoned warehouse and coal storage facility. The development was designed Jak Inglese and Alex Merlucci of Inglese Architecture & Engineering to complement the surrounding historic masonry buildings, which include the Orange train station, the Orange Post Office, and others along Main Street. The two structures feature towering ceilings, oversized windows and ornamental cast iron stars in the façade.
Featuring one-bedroom, two-bedroom, and three-bedroom units, each building consists of 36 rental apartments, as well as ground-floor retail space. The market-rate units start from $1,400 for a one-bedroom and from $2,100 for a three-bedroom. Residents will have access to bike storage, as well as on-site laundry and parking.
The development will comply with Green Futures and Energy Star program requirements in the selection of appliances, the choice of building systems, water conservation and proximity to sustainable modes of transport. The property is adjacent to the Orange station of New Jersey Transit’s Morris & Essex line, which offers service both to Hoboken and New York-Penn Station.