By Joshua Burd
An affordable housing investor is to set to rehabilitate an apartment tower in Trenton with the help of a nearly $68 million tax credit award from the state Economic Development Authority.
The developer, an affiliate of SP Investment IV Fund LLC, expects to start construction in November at the property at 620 West State St., where plans call for extensive renovations such as new plumbing, the installation of fire sprinklers and emergency generators, solar panel integration and HVAC systems in each of its 196 units, according to the EDA. The homes will also receive new kitchens and bathrooms, vinyl plank flooring and modern plumbing and lighting fixtures, while residents of what’s known as Rowan Towers will have a refreshed community room, a kitchen space, a reading room and library, a fitness center and a theater and television room as a result of the project.
Additionally, the applicant and its team will improve outdoor recreational spaces, including the basketball court and playground, the EDA said after recently approving the 10-year, $66.84 million tax credit under the state’s Aspire program. A team led by Steven Mlenak of Greenbaum Rowe Smith & Davis LLP represented Rowan Preservation LLC in securing the approval, one of several authorized by the EDA’s board in early September.
“A key pillar in Governor Phil Murphy’s mission for a stronger and fairer New Jersey includes investing in initiatives that revitalize communities, expand housing options, and promote sustained economic growth,” said Tim Sullivan, the authority’s CEO. “The redevelopment projects approved by the Board will create hundreds of new, affordable housing units, building upon the success and impact the Aspire and HPRP programs have already had in neighborhoods across the Garden State. These are meaningful investments that will build stronger communities and families for years to come.”
The EDA added that the updated Rowan Towers will comply with the Energy Star Homes Program included in the New Jersey Housing and Mortgage Finance Agency’s Green Standard Requirements, which satisfies the authority’s own requirements. HMFA is also supporting the rehab of the 15-story building, a collection of studio, one-bedroom and two-bedroom apartments, through an award of federal Low-Income Housing Tax Credits.
“Rowan Towers has long been home to hundreds of Trenton residents, and this investment ensures that they will see real improvements to their quality of life,” Trenton Mayor Reed Gusciora said. “The planned upgrades — from safer infrastructure to new community amenities — will bring renewed vitality to this cornerstone of our city. We are grateful to Governor Murphy, the NJEDA, and all of our partners for recognizing the merit of this effort and helping us continue to build a stronger, more vibrant Trenton.”
