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M id A tlantic Real Estate Journal — Central New Jersey — June 18 - July 22, 2021 — 3B
www.marej.com
Project creates affordable apartments for families, supportive housing Murphy Administration collaborates with UniversityHospital underNJHMFA’s program
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tioned to advance housing in conjunction with healthcare. Under this award-winning program, NJHMFA matches funding contributions from par- ticipating hospitals to provide affordable rental apartments for low- and moderate-income families, as well as apartments with access to supportive and wrap-around services for resi- dents with special needs. “Access to housing and qual- ity medical care are social determinants of overall health. This new partnership not only addresses homeless individu- als’ lack of access to affordable housing, but it offers them lifesaving supportive services,” said Lt. Governor Sheila Oliver , who serves as Com- missioner of the Department of Community Affairs and NJHMFA board chair. “This latest collaboration to develop housing opportunities for com- munity members most in need will help break the cycle of homelessness in New Jersey.” “There is a clear nexus be- tween health and housing, and this collaboration will provide
critical affordable and sup- portive housing to Newark resi- dents. The University Hospital project brings together efforts from federal, state, and local entities for the good of New Jersey residents,” said Justin Scheid , HUDNewark field of- fice director. “It is a testament to and model for successful pub- lic/private partnerships in the affordable housing industry.” This project, which will be developed by L+M Develop- ment Partners, Type A Proj- ects, and MSquared, functions as a gateway to University Hospital, enhancing the hos- pital’s connection to the City of Newark’s West Ward. The development will provide 78 affordable rental apartments that will serve low- and mod- erate-income households to promote economic diversity in the Fairmount neighborhood of Newark. Sixteen supportive housing units will be reserved for homeless individuals and families, and these will be sup- ported by project-based rental vouchers provided through the New Jersey Department of
tions between housing develop- ers, public health institutions, and the communities they serve. By building safe, decent, and affordable housing for at- risk residents, combining that with onsite supportive services and a community healthcare clinic, this collaboration breaks new ground. I expect that we will see more of this model in the future,” said Mayor Ras J. Baraka . The $41.4 million project will receive $22 million inmortgage financing from NJHMFA, $1.6 million from the NJHMFA Special Needs Housing Trust Fund, and $6 million from the Hospital Partnership Subsidy Program, as well as $3 million from University Hospital and $300,000 in HOME funds from the City of Newark. The project developer is also seeking federal 4%Low Income Housing Tax Credits. NJHM- FA administers this program which generates private equity. Construction is anticipated to begin in the summer of 2021 and be completed by the spring of 2023. MAREJ developer to come up with a solution that works for the 21st century. Big office build - ings with big tenancy are no longer the norm. We must be more creative in our approach to planning and zoning.” The 52,000 s/f Workplace North Market sits at 200 Mar - ket St., between two luxury multifamily/retail buildings currently under development. The four-story structure hous- es 40,500 s/f of office space on the second through fourth floors, and 11,500 s/f of ground- floor retail. The building pairs dynamic contemporary ar- chitecture and loft ceiling heights with visually desirable materials — corrugated metal, plate glass windows, exposed ceilings and more. Outside, a shared plaza featuring hard- scaped and landscaped ele- ments encourages social and collaborative gathering. MAREJ
Community Affairs’ Housing Choice Voucher Program. All supportive units will be paired with access to medical ser- vices. The project will also be a recipient of 30 project-based rental vouchers from the New- ark Housing Authority . To date, the Hospital Partnership Subsidy Program has also ad- vanced partnerships with St. Joseph’s Health in Paterson and RWJBarnabas Health in the City of Newark. The University Hospital project is located on a portion of the property at 250 Georgia King Village on West Market Street in the city’s Fairmount neighborhood. The building will include a ground-floor clinic and hos- pital office space operated in partnership with University Hospital. This wellness center will enhance social services throughout the neighborhood by providing much-needed outpatient medical care to an at-risk population. “This partnership is a game changer. In the future we are going to see more collabora- neighborhood of eateries, experiences, shopping and lifestyle services.” The North Market mas- ter plan combines office, re- tail, luxury apartments and a boutique hotel on the former Mercedes-Benz site, also in- corporating The Farm (The Shoppes at DePiero Farm), an adjacent, highly successful project by The S.Hekemian Group. Opened in 2017, The Farm includes a variety of retail tenants and is anchored by Bergen County’s first Weg- man’s supermarket location. “There is a lot of pride in Montvale, and this is the crown jewel of our community,” De- Pinto said. “It exemplifies what the borough feels, be- lieves and is dedicated to. While other communities have suffered the loss of a ma- jor tenant leaving, Montvale worked cooperatively with the
EWARK, NJ — The Murphy Administra- tion announced a new
c o l l a b o r a - tion between University H o s p i t a l in Newark a n d L + M D e v e l o p - ment Part- ners, Type A Projects,
Melanie Walter
and MSquared under the New Jersey Housing and Mortgage Finance Agency’s (NJHMFA) groundbreaking Hospital Partnership Subsidy Program, through which lead- ing hospitals partner with expe- rienced residential developers to provide vital affordable and supportive housing -- including homes for frequent users of emergency services -- in their host communities. The Hospital Partnership Subsidy Program stems from the recognition that access to quality housing is critical to maintaining good health and that hospitals are crucial anchor institutions well-posi- MONTVALE, NJ — The S.Hekemian Group hosted a grand opening for Workplace North Market, the flagship of- fice building at North Market, a mixed-use district under de- velopment on the former cam- pus of the Mercedes-Benz USA North American headquarters in Montvale. Local officials, members of the commercial real estate community, and other key stakeholders affili- ated with the project attended the intimate outdoor event. The program included a for- mal ribbon cutting ceremony, with comments by Montvale Mayor Michael Ghassali and Planning Board Chair- man John DePinto , and Pe- ter Hekemian , senior manag- ing director of The S.Hekemian Group. “This marks an exciting day in the ongoing evolution of North Market,” Hekemian
The S.Hekemian Group hosts grand opening for Workplace North Market in Montvale, New Jersey
Shown from left: Montvale Council members Annmarie Russo-Vo- gelsang and Dieter Koelling; Douglas Cohen, vice president, business and legal affairs/general counsel, The S.Hekemian Group; Martin W. Kafafian, member, Beattie Padovano LLC; Peter Hekemian, senior managing director, The S.Hekemian Group; Montvale Mayor Mi - chael Ghassali and Planning Board Chairman John DePinto; and Antimo A. Del Vecchio, member, Beattie Padovano LLC.
said. “Our Workplace build- ing is truly something special and innovative in Bergen County – and anchors North Market’s modern, one-of-a-
kind walkable urban setting in a suburban community. In it, we have established a place where businesses can thrive, surrounded by an eclectic
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