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Mayor Ras J. Baraka Breaks Ground for The Residences at Symphony Hall
New, Affordable, Rental-Community in Lincoln Park Provides Much Needed Housing for Artists and the Disabled
Newark, NJ – June 7, 2016 – Mayor Ras J. Baraka, Deputy Mayor Baye Adofo-Wilson, Councilwoman Gayle Chaneyfield Jenkins, Bruce Morgan, President of BCM Affordable Housing, and Ingerman Developers, announced today the groundbreaking of The Residences at Symphony Hall, a 60-unit, affordable, rental-community located at 397 Halsey Street in Newark. The four-story building, situated on a vacant brownfield site, will contain 20 one-bedroom and 40 two-bedroom units, 25% percent of which will be set-aside for residents with special needs; six units for individuals with mental illness and nine units for individuals who are homeless with a disability. The remainder of the units will provide housing to the growing artistic community in the City’s Lincoln Park neighborhood.
This 63,030 square feet of residential and common space will contain a two-story community room, furnished common areas, a leasing office, off-street parking spaces, a play area and a performing-arts rehearsal space. All of the apartments will have a full appliance package including washers, dryers, dishwashers, hardwood floors and private balconies. Additionally, the 15 supportive-housing units will be fully furnished.
“We are partnering with developers, the Newark YMCA and the Mental Health Association of Essex County to make certain that our real-estate development explosion provides housing and assistance for all Newarkers,” said Mayor Ras J. Baraka. “Ingerman Developers and BCM Affordable Housing are committed to helping us build a Newark for everyone. We are excited to see the artistic community and its resources in and around Lincoln Park grow.”
The Residences at Symphony Hall will offer the households with special needs comprehensive supportive services provided by the Newark YMCA and the Mental Health Association of Essex County. A part-time case manager will provide social-service support.
“This project has been a long time coming and we have all been working hard to bring the Residences at Symphony Hall to fruition for over five years,” said Bruce R. Morgan, President BCM Affordable Housing. “Notwithstanding when we started, the project absolutely would not have happened without the dedication and ongoing support from Mayor Baraka, the City of Newark’s Department of Economic & Housing Development and Councilwoman Chaneyfield, as well as the Newark YMCA and the Essex County Mental Health Association.”
“The Residences at Symphony Hall is the most recent example of our commitment to grow and build the entire City of Newark for everyone,” said Deputy Mayor Baye Adofo-Wilson. “Today’s groundbreaking brings us one step closer to developing artisan housing, providing for the City’s homeless community and supporting individuals with mental disabilities.”
Financing for this $15.6 million project will be provided via equity raised through the syndication of Low Income Housing Tax Credits issued by the New Jersey Housing Mortgage Finance Agency (NJHMFA), economic development funds provided by the City of Newark, a private construction loan and a permanent mortgage from the NJHMFA. Construction is expected to be completed by the Spring of 2017.
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Newark Economic & Housing Development:
The mission of the City’s department of Economic and Housing Development is to create economic opportunity for Newark residents and enhance the vibrancy of the City. To this end, the department seeks to position Newark to take advantage of its unique assets, including its strategic location, a diverse and underutilized workforce, a large amount of developable land, concentration of corporate and business service firms, several major universities, and a wealth of arts and cultural assets.
For more than two decades, Ingerman has been developing, building and managing award-winning multi-family communities throughout the Mid-Atlantic region. Founded in 1988, the Company has developed 95 communities consisting of more than 7,000 residential units with total development costs in excess of $1.1 billion. The Company’s seasoned team of real estate and construction professionals utilizes state-of-the-art architectural design, cutting-edge, environmentally conscious construction and an array of modern amenities in the development of each community. Through a commitment to responsible development practices, Ingerman works to enhance the sustainability of its communities with several green initiatives.