Scattered, infill sites in the Greenville Section of Jersey City were auctioned by the City for redevelopment. The goal was to eliminate “unclaimed land” and spawn new development in this neighborhood.
Landex, in partnership with its non-profit partner, Jersey City Episcopal Housing (JCEH) acquired 44 vacant, scattered-site, infill lots from the City and designed and financed a plan to construct 88 apartments in 44 two family homes that were consistent with the surrounding neighborhood architecture. The transaction was structured so that the non-profit JCEH is the sole general partner of the ownership entity and Landex is the developer, guarantor and management agent.
- Jersey City (HOME)
Mid City buildings have two apartments, one on each floor. Each apartment has its own entry, individually controlled heating and air-conditioning and energy efficient windows and appliances. All of the buildings have front porches, off-street parking and fenced yards. The buildings were constructed using an attractive well-built,
pre-engineered product that could be assembled and secured very quickly --- reducing the construction period and avoiding any of the vandalism that is frequently found at urban construction sites.
Today, the redevelopment of these once vacant parcels into good qualify in-fill housing in a densely populated urban community has stimulated the redevelopment of other buildings in the neighborhood and has resulted in a significant improvement to the Greenville Section of Jersey City --- restoring the vitality of this once grand neighborhood.