RPM Development is repurposing the site of the nearly century-old Van Sciver building in Trenton, with plans calling for 70 market-rate units and another 48 for lower- to moderate-income renters, along with a retail plaza overlooking Assunpink Creek. — Rendering by Inglese Architecture and Engineering/Courtesy: RPM
By Joshua Burd
A plan to bring 120 new apartments to a historic property in Trenton is moving ahead with the help of more than $29 million in tax credits under the state’s Aspire program.
Spearheaded by RPM Development, which is based in Montclair, the project calls for two ground-up buildings on South Broad Street that will house 70 market-rate units and another 48 units for lower- to moderate-income renters, plus two rent-free supers’ units. The development will rise at the site of the nearly century-old Van Sciver building, which once housed a thriving furniture business and later became a state office building, with plans to preserve the historic façade at 160 South Broad St.
Last week, the state Economic Development Authority’s board voted to support the project with a 10-year, $29.14 million tax credit under the Aspire gap financing program. An affiliate of RPM and its development partner, a nonprofit known as Life Management Inc., or LMI, will use the subsidy to raise capital for the roughly $73 million investment.
“Today’s approval demonstrates the ability of the Aspire program to catalyze investment in communities that need it most,” said Tim Sullivan, the authority’s CEO. “This new construction project will provide a support system to help residents sustain quality of life in line with the standards for a stronger and fairer economy on which the Aspire program is based, while also helping to preserve the City’s history and reinvigorate the Broad Street business corridor.”
The vote provides a boost to a project that drew praise from state officials in 2021, during what was billed as a ceremonial groundbreaking.
“The redevelopment of this historically significant site, with new housing units and retail space, marks a new chapter in Trenton’s revitalization,” Gov. Phil Murphy said at the event. The ceremony followed the signing of Executive Order 40, which created the New Jersey State Capital Partnership aimed at helping the state coordinate with the Trenton and Mercer County governments to create and execute strategies for the city’s revitalization and economic development, with goals such as preserving open space, providing housing opportunities and promoting its cultural, historical and recreational assets, among other guidelines.
The state noted at the time that the Van Sciver building, located in Trenton’s popular Mill Hill district, was ultimately deemed surplus property by the Treasury Department and sold at auction. It became part of the 1.35-acre parcel that RPM is now developing, with plans that also include a 7,500-square-foot retail plaza overlooking the Assunpink Creek across from the Mercer County Courthouse.
Two smaller commercial spaces will likely include a neighborhood-style coffee shop, while the larger corner space will be marketed as a restaurant, the EDA wrote in a board memorandum last week. RPM Contracting will be the project’s general contractor, while Inglese Architecture and Engineering spearheaded design.
LMI, meantime, will provide social services to residents that are elderly, developmentally disabled or formerly homeless residents.
“RPM Development is thrilled to be writing a new chapter for the Van Sciver building on Broad Street,” Susannah Henschel, vice president of development with RPM, said as part of the May 2021 groundbreaking announcement. “Working alongside the state of New Jersey, (the New Jersey Housing and Mortgage Finance Agency), the city of Trenton and local stakeholders, we are eager to start transforming these vacant buildings into a new community that will both house Trentonians and serve them through the retail spaces.”
EDA officials noted that the joint venture is financing the project with a 9 percent Low-Income Housing Tax Credit allocation from HMFA, with proceeds in the amount of $20.9 million, along with other funding sources from the public and private sectors. Financing for the project also includes a $10 million loan from the state Department of Community Affairs, which was provided through HMFA.
“We’re so thankful to NJEDA for their ongoing collaboration and investment in the Capital City,” Trenton Mayor Reed Gusciora said. “I know that Trentonians will be excited to hear about the approval of Aspire tax credits for the residential project at the old Van Sciver site, which will help move forward the redevelopment of this historic parcel and community space.”
