Hoboken-based private real estate firm Prime City on Thursday announced it began construction on two affordable housing developments, located at 150 Taylor St. and 151 Taylor St. in the city of Orange.
Prime City acquired both buildings in 2018 and has been working closely with the city of Orange and Housing Authority of the City of Orange on the redevelopment plans, ensuring that each project serves the various housing needs of the community at large.
The buildings are expected to be completed in 2025.
150 Taylor St. will consist of four townhomes spanning roughly 1,100 square feet offering one bedroom plus a den. In an effort to champion homeownership in an area with high barriers to entry, each home will be offered below market rate, creating a pathway to traditional homeownership and allowing families to build equity in real assets.
Next door at 151 Taylor St., a former three-family building will be developed into a nine-unit affordable apartment complex. The units will be compliant with the housing authority’s Housing Choice Voucher Program, which provides stable, quality affordable housing opportunities for low- and moderate-income families.
Both projects are part of a close collaboration with the city of Orange and its housing authority to provide safe, livable and affordable housing that improves the lives of the people of Orange and promotes the development of the communities within.
“We are excited to commence construction on the Taylor Street redevelopment project that will soon bring affordable housing options, as well as equitable homeownership, to the city of Orange,” Alexander McGee, co-founder of Prime City, said. “Working together with HACO and the local government, we collectively identified the best use for these two properties, and we believe that both will be pivotal in providing quality housing in an area that desperately needs it.”
This marks the second active project for Prime City. In April, the team broke ground on SICA Lofts (formerly 20 Third Ave.) in Long Branch, which will be comprised of a four-story, 31-unit apartment community.
“This affordable housing development provides a beacon of hope and opportunity for our community. Not only does this development address the pressing need for affordable housing, but it goes a step further by offering townhomes below market rate to empower families with the dream of homeownership. In an era where barriers to entry into the housing market seem insurmountable, we are dedicated to chipping away at these obstacles and creating pathways to prosperity,” Mayor Dwayne Warren said.