Redevelopment of Former Commuter Parking Lot Provides 113 New Mixed-Income, Mixed-Use Rental Apartments and 24 For-Sale Condominiums at Emerging Market Rates
ORANGE, NJ – New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta recently joined elected state and local officials and community leaders to celebrate the grand opening of Linc at Orange Station, a master-planned redevelopment of a former commuter parking lot, located at 32 Lincoln Avenue, consisting of 113 new, mixed-income, mixed-use rental apartments and 24 brand new, for-sale condominiums. RPM Development Company of Montclair is the developer.
Linc 32 at Orange Station is the mixed-income, mixed-use component of a larger transit-oriented redevelopment initiative that promotes a mixed-use environment for the residents of Orange. As part of a multi-modal transit village, residents have access to NJ Transit’s Midtown Direct rail service and regional bus transportation. The mixed-income phase of Linc at Orange Station includes the five-story, 113-unit apartment building, approximately 6,000 square feet of retail space and a parking facility with 222 spaces. The building is organized around a pedestrian-friendly public plaza that links Main Street to Orange Station and serves as a community focal point.
The five-story rental building offers a floor plan mix comprised of 19 one-bedroom residences, 85 two-bedroom homes, nine three-bedroom apartments and the fifth floor features contemporary duplex loft homes with excellent views of the plaza.
All apartments feature a spacious layout finished with sustainable building materials and equipped with stainless steel ENERGY STAR appliances. Community amenities include secure, on-site parking, a community room, a fitness facility, a second floor green terrace and two elevators.
“Linc at Orange Station is a shining example of the tenets of HMFA’s core mission to increase the availability of and accessibility of safe, decent and affordable housing for New Jersey families,” reports HMFA Executive Director Marchetta. “The transformation of what was once a huge parking lot into a state-of-the-art affordably-priced rental community is also complemented by a stylish selection of market-rate, for-sale condominiums around a vibrant Main Street, which encourages community interaction. This development’s master plan is in line with HMFA’s continued commitment to creating healthy, safe and vibrant communities.”
The HMFA, an affiliate of the Department of Community Affairs (DCA), awarded the rental housing redevelopment project, known as Linc32 at Orange Station, approximately $13 million in financing along with the very competitive federal 9% Low Income Housing Tax Credits (LIHTC) which provided nearly 50% of the funding generating approximately $15 million in private equity.
Condominium Buyers Enjoy a CHOICE
For Linc at Orange Station’s 24 condominiums, known as Linc52, HMFA provided a construction loan of $4.2 million, and $1.2 million in financing for the venture through its Choices in Home Ownership Incentives Created for Everyone (CHOICE) program. The CHOICE program provides subsidy and construction financing for the development of single-family, for-sale housing that meets the diverse economic development needs of New Jersey’s towns and cities.
Linc 52 at Orange Station condos are market-rate, for-sale homes offering buyers CHOICE Loan mortgages with key benefits such as low to no down payment options. The five-story condominium building offers a choice of well-appointed floor plans within two, one-bedroom designs, 16 two-bedroom homes and six, three-bedroom residences. The fifth floor features six duplex loft units including some with roof terraces. Each condo is finished with sustainable building materials and equipped with stainless steel Energy Star appliances. Amenities include secure on-site parking, in-home washer/dryer, and a private lounge and patio for homeowners. Residents can also take advantage of Midtown Direct service from Orange train station, located adjacent to the community. Prices range from $189,900 for a one-bedroom unit to $355,000 for a three-bedroom unit. The project is already over 30 percent sold out.
The $38.4 million development cost of this project will provide affordable housing opportunities for New Jersey workforce families and will continue to have a positive economic impact on the City of Orange and greater Essex County. HMFA estimates that the project has generated more than $60.8 million in one-time economic output, defined as the total value of industry production, such as sales and business revenues. During construction, the project supported approximately 364 direct and indirect/induced full-time equivalent jobs, and more than $2.2 million in state and local taxes. Now completed, the project will continue to add value to the community by providing approximately $6.7 million in ongoing economic output, 38 direct and indirect/induced full-time equivalent jobs, and approximately $384,000 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.
RPM Development, L.L.C has developed approximately 2,000 affordable housing units, of which 1,500 are Tax Credit units. The RPM Development Group is an integrated team able to provide creative solutions for development opportunities, innovative construction practices and hands-on management. Environmental principles guide the process from design to sustainable construction practices to tenant education and conscientious management practices. Edward Martoglio is the principal and owns 100% of RPM Development, L.L.C.
For more information on HMFA programs, please visit www.njhousing.gov