WinnCompanies Redeveloping Jersey City Affordable Housing
- Mar 16, 2016
Jersey City, N.J.—WinnCompanies has started work on a $15.4-million rehabilitation in Jersey City that will preserve 131 units of affordable housing at Brunswick Estates. The property is on the edge of downtown the city, not far from gentrifying neighborhoods where the average price for a single-family home exceeds $500,000.
Under WinnCompanies’ ownership, the community, which offers three-, four- and five-bedroom units, will remain affordable for the next 30 years. Other partners in the public-private effort are many, including the Jersey City Division of Community Development, the New Jersey Economic Development Authority, the New Jersey Housing and Mortgage Finance Agency, HUD, Citi Community Capital, the Richman Group Affordable Housing Corp., New Jersey Community Capital, Boston Community Capital and Greater Bergen Community Action (GBCA).
Scheduled for completion by early 2017, the top-to-bottom renovation effort will completely modernize the apartments, grounds and safety systems at Brunswick Estates. The work will likewise address substantial deferred maintenance needs, including lingering damage from Hurricane Sandy, as well as ADA compliance issues.
The renovation work will also modernize the kitchens, bathrooms, and interiors of all apartments, as well the exteriors of the 14 buildings on the property. Heating and plumbing systems will be upgraded. Common areas will be created within an existing central structure, and will include a management office, resident lounge and multimedia area.
In conjunction with the renovation effort, Greater Bergen Community Action (GBCA), a part owner of the 32-year-old property, will launch new and enhanced financial literacy services for the community’s 400 residents.