The NRP Group Breaks and Elected Officers Collect for Groundbreaking of Inexpensive Condominium Group in Irvington, New Jersey

0
393
The NRP Group Breaks and Elected Officials Gather for Groundbreaking of Affordable Apartment Community in Irvington, New Jersey

IRVINGTON, NJ – Mayor Tony Vauss has partnered with state and county officials and the NRP Group, a vertically integrated, industry-leading developer, builder and manager of apartment buildings, to lay the foundation for an affordable 56-unit community in Irvington , New Jersey.

The five-story, mid-rise building at 722 Chancellor Avenue offers a mix of one-, two-, and three-bedroom apartments with parking. The apartments are reserved for residents who earn 60 percent or less than the median income in the region. Five of the 56 units will be reserved for residents with special needs receiving support services from the Greater Newark YMCA. The Urban League of Essex County will also provide social services to all residents of the community.

The NRP Group is developing the community in partnership with Adenah Bayoh, a local developer and entrepreneur who is leading the redevelopment of Irvington General Hospital on Chancellor Avenue. Bayoh manages an extensive real estate portfolio consisting of several apartment buildings and apartment buildings in Irvington, Newark and northern New Jersey.

"With NRP's mission to provide exceptional housing for people regardless of income, we look forward to helping meet the great demand for affordable options in the Irvington community," said J. David Heller, Principal, President and Chief Executive Officer of The NRP Group. "Working with the Township and Adenah, this project will fuel the growth and investment of Irvington while allowing working families to continue to contribute to its strong community and share in the fruits of its resurgent economic prosperity."

The property will create new construction and real estate management jobs and enhance the street scene on the corner of Chancellor Avenue and Union Avenue, two of Irvington's main streets. A New Jersey Transit bus stop is just outside the community. Access to the Garden State Parkway is minutes away, providing access to New York City and other neighboring subways. The building will be located in a designated redevelopment area, Urban Enterprise Zone (UEZ) and Smart Growth Area.

Residents of the community can enjoy Energy Star certified, contemporary designed units that come with a host of amenities including central heating and air conditioning, luxury vinyl floors, energy efficient refrigerators, hobs, ovens and dishwashers, as well as fast internet access and intercom. You will also have access to free on-site parking, a beautifully landscaped community center for programmed activities, fitness center, children's playroom, computer room, laundry, and an on-site administration / rental office.

"This redevelopment initiative was born out of my larger vision of revitalizing marginalized communities and empowering the Irvington community with high impact," said Adenah Bayoh, of Adenah Bayoh and Companies. "This project continues my passion for providing premium affordable housing to individuals and families of all income levels and meeting the needs of the community. The NRP Group was a natural choice as a development partner for this project because of its unprecedented level." Know-how and experience with affordable housing. I look forward to realizing other projects like this in the future. "

Financing partners include the New Jersey Housing Mortgage Finance Agency, JPMorgan Chase Bank, Hudson Housing, The Township of Irvington, and Greater Newark LISC. In addition, the Irvington Housing Authority provides five project-based vouchers.

Letting begins in June 2022, with final completion scheduled for November 2022.

LEAVE A REPLY

Please enter your comment!
Please enter your name here