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Ribbon Cutting Marks Opening of Mixed-Income Apartments in Camden
Home > Media Room > HMFA in the News > News 2019 > Ribbon Cutting Marks Opening of Mixed-Income Apartments in Camden
For Immediate Release: Media Contact:
October 23, 2019 Amy Palmer

609.278.7423
 

Ribbon Cutting Marks Opening of Mixed-Income Apartments in Camden


High Res Photo [jpg 2.4MB]

From left: Camden Councilwoman Felisha Reyes-Morton; NJHMFA Executive Director Charles A. Richman (rear); Maria Del Mar Lopez, M&M Development; Camden Mayor Frank Moran; state Sen. Nilsa Cruz Perez; and Maria Yglesias, M&M Development at The Pierre ribbon cutting.

 

 

NJHMFA-Funded Project Included Rehabilitation of Art Deco Building

CAMDEN – A ribbon-cutting ceremony today celebrated the completion of the transformation of The Pierre, a nearly 90-year-old Art Deco building in the city’s Cooper Street Historic District, into 32 mixed-income apartments funded in part by the New Jersey Housing and Mortgage Finance Agency (NJHMFA). NJHMFA Executive Director Charles A. Richman attended.

The Pierre, a six-story building at 306 Cooper St., was built in 1932 as a hotel and was later converted into an apartment building. In 2004, the building was vacated due to disrepair and boarded up until 2017 when Newark-based M & M Development LLC began the major rehabilitation process.
 
The revitalized building features 25 market-rate and six affordable (50% to 60% of area median income) one- and two-bedroom apartments, and one for a superintendent. The project also included a six-floor addition to the rear of the building.

In addition to extensive rehabilitation to the apartments, work also included a new elevator, state-of-the-art entry system, and new electric, plumbing and HVAC systems. Residents also will have access to laundry facilities and a fitness center. The work included the restoration of the historic lobby which will be managed by the Cooper Grant Neighborhood Association and be open to the public free of charge as an art gallery for events and for the artist community. The community will also have the use of space in the Community Room.

“This redevelopment not only preserves a historic building but helps to continue the revitalization of the city’s downtown, and expands and builds community ties,” said NJHMFA Executive Director Richman. “At the same time, the project opens up housing opportunities for residents at all income levels that are close to transportation, jobs, education and other walkable downtown amenities.”

NJHMFA provided the $11.9 million development with $6.3 million in construction and permanent funding.

Residents have already begun moving into the new building. Rents range from $587 to $975 for the affordable apartments and $1,094 to $1,671 for market-rate units.

Cooper Street is a major city thoroughfare that historically reflects a rich variety of architectural styles. The Art Deco-styled Pierre Building is across the street from the Rutgers University Camden campus, and close to public transportation including NJ Transit, SEPTA, PATCO and an NJ River Line stop.

NJHMFA has previously worked with M&M Development on projects including the Coopers Hill projects, a mix of for-sale affordable condominiums and townhomes in Camden; and in Newark: Villa Esperanza with 44 affordable apartments; Apartments at Harmony Square, which involved the rehabilitation of an abandoned building into 16 affordable and special needs apartments; and Condominiums at Harmony Square Phase I and II, which created 45 for-sale affordable condominiums.

For more information on NJHMFA and its programs, visit njhousing.gov.