Stephen Manor, Vita Gardens repairs will cost $7 million
Renovation set to begin mid-July
Vitus Group is set to spend $7 million on the rehabilitation of affordable housing units on the west side of town, according to Scott Langan, director of the group’s Manhattan office.
“We’re totally rehabilitating the entire complex,” Langan said. “We’re putting in new windows, new roofs, new kitchens, new baths — full upgrades.”
Vitus Group is a nationwide firm that invests in affordable housing complexes, Langan said. Vitus is partnering with the National Foundation for Affordable Housing Solutions for this project. The Foundation will be tasked with overseeing the day-to-day affairs of residents at Stephen Manor and Vita Gardens, “getting the residents what they need for the long-term picture,” Langan said.
Previously, Stephen Manor and Vita Gardens were owned by parochial groups — St. Stephen’s Church and Bethel House, respectively.
“They do a nice job and they’ve got third-party management agents, but the buildings are getting older and they’re in constant need of reinvestment,” Langan said.
Tenants will not be displaced during renovations, Langan said.
“We’ve done this all over the country and we’ve got it down to an in-place rehabilitation,” he said. “We work it out that they’re never without a bathroom or kitchen and if they are without a stove for a night they’ll get a hot plate.”
Repair schedules will be given to families in advance. The renovations are slated to begin in mid-July and contractors have about 300 days to complete the project, although Langan expects they will be done next January or February if next winter is as mild as this past winter was.
The city asked Vitus Group to use local workers for much of the renovation, Langan said.
“More than 50 or 60 percent of the trades are going to Monmouth County contractors,” he said.
The city has approved property tax abatements for the properties, meaning that they will not have to pay annual city, school and county taxes. Instead, Vitus Group will pay fees to the city alone, which means more money for Asbury Park than the complexes’ traditional property tax bill would have yielded. For a story on the tax abatement, click here.
