|For Immediate Release:|
Groundbreaking for Harvard Printing to Provide Mixed-Income Rental Housing for Families in Essex County
The Alpert Group/Ironstate Development Company will provide 70 affordable apartments in the City of Orange with the Adaptive Re-Use and New Construction of Harvard Printing
ORANGE, NJ – New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta recently joined local officials and community leaders to celebrate the groundbreaking for the adaptive reuse and new construction of Harvard Printing, which will provide a total of 128 apartments for families at 550 Central Avenue. Developed by the Alpert Group of Fort Lee and Ironstate Development Company of Hoboken, 70 of the units are reserved for households with incomes at or below 60 percent of the Essex County Area Median Income.
“This community is a fantastic example of a well-planned revitalization project that will bolster the City of Orange’s mission of ‘Moving Orange Forward,’” says HMFA Executive Director Marchetta. “I have no doubt that Harvard Printing will provide its new residents with all the economic, social, and cultural resources that make living in the vibrant City of Orange an exciting and enriching experience. The city’s diverse population and business-friendly climate sets the tone for a highly successful comeback for an area that was once known as the ‘hat manufacturing capital of the world.'”
Harvard Printing will involve the new construction of a four-story residential building and the adaptive re-use conversion of a vacant former industrial printing facility into a 160-car parking garage. The residential building will offer 99 one-bedroom units, 21 two-bedroom units, and eight three-bedroom units for singles and families. The affordable units’ rent will range from $882 to $1,215 per month, while the market units will range from $1,193 to $1,823 per month. Apartment amenities will include private kitchens and bathrooms, Energy Star appliances, window blinds, and one parking space. The community will feature elevators, common laundry facilities, community room space, security, and offices for on-site property management and social service functions. The Alpert Group, LLC will manage the property.
Harvard Printing’s redevelopment contributes to other area revitalization initiatives, including the opening and beautification of the East Branch of the Rahway River, the redevelopment of the Valley neighborhood as a vibrant mixed-use residential neighborhood and arts district and the advancement of the city’s Central Valley Redevelopment Plan. The Rahway River is the boundary between Orange and West Orange. Redevelopment efforts underway at Harvard Printing will extend beyond the river to West Orange in future phases.
Harvard Printing’s strategic location, next to the Highland Avenue train station, will provide residents with easy access to New York City, Newark, and other employment centers and leisure destinations.
The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), awarded Harvard Printing extremely competitive 9 percent federal Low Income Housing Tax Credits, which will generate nearly $16.5 million in private equity. Total development cost for the project is $32.7 million, with additional financing including $550,000 in County HOME Funds and a $3 million subsidy from HMFA’s Multifamily Production Program.
HMFA estimates that Harvard Printing will generate approximately $51.8 million in one-time economic output, defined as the total value of industry production, such as sales and business revenues. During construction, the project will support approximately 311 direct and indirect/induced full-time equivalent jobs, and generate approximately $1.9 million in state and local taxes. When completed, the project will continue to add value to the community by providing more than $5.8 million in ongoing economic output, 33 direct and indirect/induced full-time equivalent jobs, and $327,100 in state and local taxes annually.
Economic Impact Analysis figures were estimated using multipliers derived from a 2013 study entitled “Economic and Fiscal Impacts of the New Jersey Housing and Mortgage Finance Agency’s Investment in Affordable Housing,” conducted by HR&A Advisors, Inc., a real estate and economic development consulting firm.
The Alpert Group, LLC is a family-owned and operated, full-service real estate management and development company doing business for over five decades. Since the company’s inception, it has developed and managed over 3,000 units. The Alpert Group, LLC specializes in bringing quality safe and sanitary housing to diverse segments of the population. The Alpert Group management team’s supervision, knowledge, experience and direction is a cohesive network, capable of providing clients with the highest degree of professional service.
Ironstate Development Company is one of the largest privately held real estate development companies in the Northeast. Based in Hoboken, New Jersey, Ironstate engages in the development and management of large-scale mixed-use projects and has a diverse portfolio of residential and hospitality assets valued at several billion dollars. Additional information on Ironstate Development Company is available on the company’s website at www.ironstate.net
For more information on HMFA programs, please call 1-800-NJHOUSE or (609) 278-7400, or visit www.njhousing.gov