Community Investment Strategies has started construction on an affordable, age-restricted community in a section of Middletown whose housing stock was damaged by Hurricane Sandy.
The property, which will be known as Bayshore Village, is slated to include 110 units for residents age 62 and older, the developer said in a news release. When completed, it will include a three-story, 100,000-square-foot building with 14 two-bedroom units and 96 one-bedroom apartments, along with a host of shared amenities.
Bayshore Village is considered replacement housing for the senior community previously occupying the Port Monmouth site, which was partially destroyed by the 2012 storm, the news release said. The new building will be built above flood elevation and will incorporate specific resiliency design elements to prevent and address potential weather- and disaster-related events, such as high-quality durable cement board exteriors, impact-resilient windows, LED lighting, an emergency generator, bathroom and shower that are accessible during times of extended power loss, an elevator that is tied to the generator and an energy-efficient ventilation system.
“We are thrilled to have construction underway for Bayshore Village,” Christiana Foglio, CIS founder and CEO, said in a prepared statement. “Monmouth County was one of the areas that suffered the most damage during Superstorm Sandy, including the senior community that previously occupied the construction site. We are looking forward to opening a new affordable senior housing community that will be resilient against future disasters, so our residents can feel safe in their new homes.”
CIS said funding for the community includes construction and permanent loans from the New Jersey Housing and Mortgage Finance Agency through the tax-exempt bond financing program, tax credit equity from Enterprise Community Investment Inc. through Low Income Housing Tax Credit and Community Development Block Grant Disaster Recovery funds.
Rent will be $755 to $889 for a one-bedroom and $905 to $1,020 for a two-bedroom apartment, the news release said. Victims of Hurricane Sandy will have priority during leasing.
Building amenities will include a fitness room, community room with fireplace and catering kitchen, library, computer room, wellness center, laundry facilities, key fob entry, security cameras and on-site parking. The building will be handicap accessible with multiple elevators.