The Challenge
Scattered, infill sites in the Greenville Section of Jersey City, NJ were auctioned by the city for redevelopment. The goal was to eliminate “unclaimed land” and spawn new development in this neighborhood.
The Plan
Landex, in partnership with its non-profit partner, Jersey City Episcopal Housing, acquired 44 vacant, scattered-site, infill lots from the city and designed and financed a plan to construct 88 apartments in 44 duplex structures that were consistent with the surrounding neighborhood architecture. The transaction was structured to help JCEH build capacity as a developer and owner of affordable housing so that JCEH is the sole general partner of the ownership entity and Landex is the developer, guarantor, and management agent. In 2014, in accordance with the ownership documents, JCEH (now known as Garden State Episcopal Community Development Corporation (GSEDC)) assumed responsibility for full operations of the property and its guarantees.
The Result
Mid City duplex buildings have two apartments, one on each floor, consistent with the architecture of the surrounding community. 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. GSEDC is a well-established non-profit developer and owner of affordable housing that works with newly formed non-profits to continue the production and preservation of affordable housing.