Pennrose Debuts NJ Senior Redevelopment
- Apr 13, 2018
Pennrose Properties and Middlesex County have opened the Residence at Roosevelt Park, an independent living community in Edison, N.J. The property is a $25 million adaptive reuse and historic renovation project of the former Roosevelt Hospital, built in 1937 as part of President Franklin D. Roosevelt’s New Deal.
The community is age restricted to seniors over 62 and features 84 one- and two-bedroom floorplans. Veterans have preferred status for up to 25 percent of the units, five are designated for the formerly homeless and six will serve individuals with disabilities. Interior features include Energy Star appliances, tiled bathrooms, air conditioning, carpeted bedrooms and cable/internet hookups. Residents have access to amenities such as:
- community room
- fitness room
- laundry rooms
- security cameras
- card entry system
- outdoor patio
- resident gardening area
- support services
- on-site management/maintenance services
Funding was provided by the New Jersey Housing and Mortgage Finance Agency, which provided the project with 9 percent federal Low Income Housing Tax Credit. Residence at Roosevelt Park is situated on 11 acres and is within close proximity to Roosevelt Park and Menlo Park Mall, as well as nearby healthcare facilities, public transportation and major roadways.
“Residence at Roosevelt Park is an example of public-private partnerships done right. Together, with our partners at Middlesex County, we were able restore a decaying historic asset, provide quality affordable housing and simultaneously accomplish our shared missions to improve the lives of those in the community,” Richard Barnhart, chairman & CEO of Pennrose, told Multi-Housing News.
WRT served as architect for the redevelopment, while S.B. Conrad Inc. served as general contractor. The community will be managed by Pennrose Management Co.
Image courtesy of Pennrose