Real estate firm Genesis Cos. has broken ground on a senior supporting housing development in East Orange, it announced Wednesday.
The property at 160 Halsted St. is being developed in partnership with the East Orange Housing Authority and the Metro Co. It will be a 61,000-square-foot, 60-unit building with 100% affordable housing and a mix of 52, one-bedroom and eight, two-bedroom residences.
“Investing in strategic redevelopments is the first step toward reinvigorating the property and providing a higher quality of living for all its residents,” East Orange Mayor Ted R. Green said in a prepared statement. “We applaud Genesis Cos. and the East Orange Housing Authority for its commitment to building quality, affordable housing, and hope the success of this redevelopment sets an example for future investments.”
Seniors will have access to the Service for Independing Living program, as well as supportive services through Bridgeway Rehabilitative Services, Genesis said.
“The need for quality, affordable senior retail residences is urgent across the state of New Jersey, and public-private partnerships like this one provide a framework for future developments,” Karim Hutson, founder and managing partner at Genesis, said in a statement. “As real estate developers, we are pivotal in creating solutions that meet the needs of our communities, and we’re proud to be advancing developments across the region that provide housing for those with the greatest need.”
Residences will be available to very low-, low- and moderate-income groups, with 25% of the project set aside for homeless who are in need of permanent supportive housing.
“This redevelopment, part of our ‘Building Homes, Changing Lives’ program, will greatly enhance the quality of life for the property’s residents, and provide services that are too often overlooked,” Wilbert Gill, executive director of the East Orange Housing Authority, said in a statement. “As we continue to create new solutions to maintain affordability for all our residents, partnerships with companies like Genesis Cos. are more important than ever.”
DMR Architects was the designer and ETC was the general contractor on the project.
Financing for the project was originated by Citibank N.A., Bank of America, National Equity Fund LIHTC Equity, the U.S. Department of Housing and Urban Development, and Federal Home Loan Bank AHP Grant.