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Groundbreaking for Residence at Roosevelt Park to Provide Affordable Housing for Seniors in Middlesex County
Home > Media Room > HMFA in the News > News 2016 > Groundbreaking for Residence at Roosevelt Park to Provide Affordable Housing for Seniors in Middlesex County
For Immediate Release: Contact:
October 19, 2016 Tammori Petty
Emike Omogbai
609-292-6055
 

Groundbreaking for Residence at Roosevelt Park to Provide Affordable Housing for Seniors in Middlesex County

HMFA, Pennrose Properties, LLC and the County of Middlesex Partner for the Historic Renovation and Adaptive Reuse of the Original 1937 Roosevelt Hospital into 85 Affordable Apartments for Seniors
 
EDISON – New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta recently joined state and local officials and community leaders to celebrate the groundbreaking for the Residence at Roosevelt Park, involving the adaptive reuse and renovation of the historic Roosevelt Hospital, originally built in 1937. Pennrose Properties, LLC is the developer.
 
The revitalization will result in 85 affordable rental apartments for seniors 62 years and over. The original renovated building will contain 74 one-bedroom and 11 two-bedroom units. Six of these apartments will serve individuals with disabilities and five will be reserved for homeless households. A full menu of supportive services will be provided to all residents.
 
“We are especially pleased to be involved in the renovation and adaptive reuse of such a historically significant and architecturally prominent building with a rich legacy of community service,” says NJHMFA Executive Director Marchetta. “To be able to revitalize and repurpose this magnificent landmark to serve today’s seniors, almost 80 years after it was built to provide medical treatment for those in need, helps us to advance the HMFA mission to making quality housing available at costs affordable to New Jersey residents.”
 
Roosevelt Hospital was originally built as part of the New Deal through the Federal Public Works Administration, which enabled architecturally significant and structurally enduring construction. In 1977, a new annex was built at the west end to provide modem support facilities and offices. The complex reached its current configuration in 1980 with the construction of a six­ story, 250-bed addition for long-term elderly care to low-income residents.
 
In recent years, the facility became obsolete and portions of the building were decommissioned. Other skilled nursing facilities were built within the county, and all residents of Roosevelt Hospital, were relocated to these facilities. Today, the entire hospital sits vacant awaiting adaptive reuse into high-quality, energy-efficient and amenity-rich senior affordable housing.
 
The modern units will be equipped with Energy Star appliances, carpeted bedrooms, tiled bathrooms, cable/internet hookups, and air conditioning. The revitalized facility will also include an on-site management office, community room, fitness room, common laundry rooms, a resident site superintendent, security cameras and card/FOB entry systems, an outdoor patio and resident gardening areas.
 
Pennrose will provide on-site management and professional maintenance, as well as a supportive services coordinator who will work with the residents of the five special needs units. Follow up supportive service coordination/case management, linkages to mainstream resources including entitlement programs, and healthcare and treatment programs will be provided on-site and in the community on an as-needed basis. Homeless individuals housed in the special needs units will be provided with resources and referrals to case management, health management, counseling, and financial literacy/budgeting advice.
 
Situated on 11 acres adjacent to what is now Menlo Park Mall and Roosevelt Park, the Residence at Roosevelt is near several senior healthcare facilities, public transportation, major roadways such as the Garden State Parkway, Route 1 and the New Jersey Turnpike.
 
Founded in 1971, Pennrose is a private full-service real estate development and management organization firm. Pennrose has developed more than 16,000 rental housing units, representing over $3 billion in total development costs financed by a variety of public and private sources.
 
The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), awarded the project the extremely competitive 9% federal Low Income Housing Tax Credits which will generate nearly $14 million in private equity. Total development cost for the project is approximately $24.9 million.
 
The approximately $24.9 million development cost of this community provides affordable housing opportunities for seniors, but will continue to have a positive economic impact on the Middlesex County locale. HMFA estimates that the Residence at Roosevelt Park will generate approximately $39.5 million in one-time economic output, defined as the total value of industry production, such as sales and business revenues. During construction, the project will support 237 direct and indirect/induced full-time equivalent jobs, and generate nearly $1.5 in state and local taxes. When completed, the project will continue to add value to the community by providing more than $4.4 million in ongoing economic output, 25 direct and indirect/induced full-time equivalent jobs, and more than $249,000 in state and local taxes annually.
 
Economic Impact Analysis figures were estimated using multipliers derived from a 2013 study entitled “Economic and Fiscal Impacts of the New Jersey Housing and Mortgage Finance Agency’s Investment in Affordable Housing,” conducted by HR&A Advisors, Inc., a real estate and economic development consulting firm.
 
For more information on HMFA programs, please call (609) 278-7400, or visit www.njhousing.gov.