Development firm Ingerman broke ground Wednesday on a 104-unit affordable apartment complex in Wood-Ridge, marking the start of another piece of the 70-acre redevelopment project known as Wesmont Station.
The $27.6 million Ingerman project, which spans three buildings, will put residents about 25 minutes by train from Manhattan thanks to the new NJ Transit rail station being constructed nearby. And it will make up part of a new pedestrian-friendly, mixed-use community that includes nearly 1,200 homes and 27,000 square feet of retail space.
Executives with the Cherry Hill-based developer joined state and local officials for a groundbreaking ceremony Wednesday. According to the state Housing and Mortgage Finance Agency, the project will generate 262 jobs during construction and 28 permanent jobs upon completion.
The HMFA awarded the project some $5.5 million in federal funding earmarked for building multifamily housing in areas impacted by Hurricane Sandy, according to an agency news release. It provided about $2.6 million in permanent financing through its Multifamily Conduit Bond Program and Low Income Housing Tax Credits that will generate about $17.8 million in private equity.
The community will occupy a long-awaited, master-planned community being spearheaded by Lakewood-based Somerset Development. The project is transforming a piece of the former Curtiss-Wright aircraft plant in the Bergen County borough, following years of environmental cleanup and infrastructure planning.
Already, AvalonBay Communities Inc. has completed a 406-unit luxury rental apartment complex. And Pulte Homes is now building 217 for-sale townhomes nearby.
The new train station is being built by Somerset Development and NJ Transit.
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