By Joshua Burd
A development group has secured a nearly $18 million state tax credit award for a plan to build 30 units of affordable housing and a new health center in Camden’s Parkside neighborhood.
According to the New Jersey Economic Development Authority, which approved the subsidy last week, the project by Parkside Camden Urban Renewal LLC could break ground as soon as February. That would give way to some 15 months of construction at multiple sites on Haddon and Princess avenues, where the developers would replace blighted buildings and vacant lots as part of a nearly $36 million project.
The larger site, known as Parkside Place I, would house a four-story building with 24 units of affordable housing and 26,283 square feet of commercial space that will include a federally qualified health center. The proposed building would rise at 1484-1500 Haddon Ave., while lots at 1487-1493 Princess Ave. would become parking for residents and commercial users.
Plans for Parkside Place II, located at 1410-1416 Haddon Ave., call for six units of affordable housing above a 4,481-square-foot retail and office space, according to memo provided to EDA board members. Those spaces will occupy a three-story building with eight resident parking stalls adjacent to the structure.
The authority approved the roughly $17.72 million tax credit award under Aspire, the state’s gap financing program for developers, at its monthly board meeting on Dec. 19. The package represents up to 60 percent of the total eligible project costs, as allowed by state law, which the EDA estimates is $29.54 million.
The lead development entity is Parkside Business & Community in Partnership, a Camden-based nonprofit focused on rebuilding the city’s Parkside neighborhood and improving the quality of life for Camden residents by supporting education, mixed-income housing and commercial development, the EDA said. One of the organization’s main areas of focus is affordable housing, acquiring and rehabilitating homes for resale to low- to moderate-income families and providing employment opportunities to residents, housing counseling services and a homeownership assistance program that offers home repair grants for existing residential property owners.
The co-applicant, Cinnaire Solutions Corp., is a nonprofit developer based in Lansing, Michigan, that partners with community-based organizations and emerging developers, according to the board memo. Its projects include community-driven, affordable and market-rate development that includes multifamily housing, commercial and mixed-use facilities and integrated supportive service projects.
The operator for the health center will be the Osborn Family Health Center, which was established in 1974 in the Parkside neighborhood. Upon occupancy, the Osborn Family Health Center will be entering its 50th year of service to the underserved populations of Camden and the surrounding communities, providing OB/GYN, family practice, pediatrics, dental and behavioral health services.
