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Revitalization of the city’s southwest neighborhood kicked up a notch Wednesday when Michaels Organization announced it has closed on its Renaissance Village housing project.

“This is fantastic news, I’m happy as hell,” Mayor Moor said. “We desperately need these affordable units. This came right down to the eleventh hour with a couple of last minute hiccups that were ironed out through support by County officials.”

The closing is the first step to seeing this long awaited housing project, which had its share of setbacks along the way, come to fruition.

“This means we will be under construction within two weeks” said the Marlton-based company’s Vice President of Development Gin Dawson.

The Renaissance Village will have 64 units in five buildings on three parcels along Springwood and Sylvan avenues, Asbury Park’s Director of Planning and Redevelopment Michele Alonso. The development project will feature small retail spaces along Springwood Avenue.

“In addition to eliminating the blight of vacant lots, this project will inject life onto Springwood Avenue,” Alonso said. “These units should produce over 100 new residents to the Springwood Avenue corridor.  We anticipate we will see more investment in the Springwood and Memorial commercial corridor as more residents come into the area.”

The Marlton-based redeveloper, who was first awarded the development rights back in July 2014, had been in a holding pattern as it sought to bridge a financial gap through the New Jersey Housing and Mortgage Finance Agency Sandy Funding.

“We want to convey our thanks and appreciation to the city and administration for their patience,” Dawson said. “When we were selected there was all this anticipation and we tried to manage the expectations. We had to sharpen our pencils to get construction costs down without hurting the project.”

Dawson said after first round Sandy financing was denied and their ability to qualify for second round financing was thwarted by a readjustment in guidelines, everyone was understandably disappointed.

“We are very appreciative that they stayed the course and hung in there with us,” she said of the municipality.  “They have been very supportive of the project during this time and we are very happy to have them as a partner.”

City Manager Michael Capabianco said the next step will be to pull permits and begin construction. They will hold a groundbreaking ceremony.  

Dawson said the funding will be released by week’s end and that they will seek the proper permits next week.

“We’re all very excited to finally be moving forward with this amazing project,” Councilwoman Eileen Chapman said. “It will be transformative for our entire city, particularly the west side.”

The project’s closing equates to more homes and businesses along the Springwood Avenue corridor and aligns with the redevelopment of the neighboring Boston Way housing project, also funded through NJHMFA Sandy Funding. Moor has said the total funding for the two development projects is $19.7 million.

“This will line up with the Boston Way construction,” he said. “We will be working on collaborative efforts to make sure the upcoming projects run smoothly.”

Moor has said the two projects also fall in line with the Interfaith Neighbors Turf Club project that will bring 20 additional units along Springwood Avenue across from Springwood Avenue Park. What makes the Turf Club project unique is that it will not only offer many first time home buyers an affordable option but an adjacent income property. The 10 duplex format will be developed in phases with each owner occupied home featuring a ground floor one bedroom unit and second story two bedroom option.

Construction to upgrade the sewer line under the Springwood Avenue railroad crossing is set to get underway during the same time frame.

“Springwood Avenue in the next year will be worse than Sunset Avenue when the bridge was being rebuilt because there will be jack and boring the railroad tracks,” he said at a recent Asbury Park Homeowners Association meeting.

Among the collaborative efforts, will be to look at sharing project development needs to stay costs and ensuring an unencumbered route of travel for neighboring residents and houses of worship in the area, he said.

“At last, I am thrilled,” said Councilwoman Yvonne Clayton. “The Senior Center and the park have made an impact on Springwood, but at last the community will have much needed affordable housing. I am so grateful to everyone who worked so hard to make this a reality.”

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