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| Chestnut Station | | Print | |
Page 1 of 2 CHESTNUT STATION, Merchantville, New Jersey Developer: Conifer Realty LLC Units/Square Feet: 4-story, 74-independent living units Chestnut Station is a 74-unit mixed income senior apartment community constructed on an urban renewal site in the Borough of Merchantville, New Jersey. Construction was completed January 2004. Fourteen of the units are market rate with the balance affordable to seniors age 55 years or older with incomes at 50% of area median income. This site is part of the State of New Jersey Brownfield's clean up program. An adjacent site was also cleaned under the program and has been approved for the construction of ten market rate townhouses. Project amenities include central air conditioning, community room with kitchen, a computer room and doctor's office. Financing provided by:
Its close proximity to the shopping district will provide the resident with easy access. The project is a cooperative effort between the Citys Redevelopment Authority and Home Properties to provide for independent living in the downtown district and thereby improving vehicular circulation to the shopping district. Given that many of the commercial properties that fronted Merchantvilles main streets were ineffectively utilized, the mayor with borough officials spearheaded this effort to create affordable senior rental housing in the downtown area. The borough was instrumental in assembling the underutilized commercial property into a contiguous area large enough to accommodate a four-story, 74-unit senior rental mid-rise and 12 future fee simple town homes. This cooperative effort between the Borough of Merchantville, Conifer Realty and Barton & Associates provides affordable independent living and an energized social setting in the downtown district while improving vehicular circulation to the shopping district.
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