ATLANTIC CITY — A public hearing scheduled for Monday afternoon on a redevelopment proposal for three historic apartment buildings has been rescheduled.
The Casino Reinvestment Development Authority hearing for the Sencit Liberty Apartments Project has been postponed until 2 p.m. Jan. 18.
The $37 million project proposes to rehabilitate and preserve the Schoolhouse Apartments, Disston Apartments and Liberty Apartments buildings.
ATLANTIC CITY — The Casino Reinvestment Development Authority has scheduled a public hearing…
WinnCompanies, a Boston-based property development company, received preliminary determination of project eligibility for the project from the CRDA on Dec. 18. WinnCompanies filed a loan application with the CRDA requesting nearly $4.45 million toward the project’s funding.
According to CRDA Director of Planning and Development Lance Landgraf, Winn would pay $17 million for the three properties, then spend $15.9 million on direct construction, $4.8 million on soft costs, such as engineering and design, and a $3.6 million developer fee.
ATLANTIC CITY — Three historic buildings, long ago turned into affordable housing units, wil…
In total, the proposed project will renovate 153 units in the three buildings: 67 units in Liberty Apartments, 20 units in Disston Apartments and 66 units in Schoolhouse Apartments.
The three buildings, which were converted to apartments nearly 40 years ago, will remain affordable-housing units, said CRDA Executive Director Matt Doherty.
All three Atlantic City buildings are currently owned by a company called JJJ LLC, said Landgraf.
“Projects like this do not happen without subsidies. The profit margins are extremely small,” said Landgraf.
The state Housing and Mortgage Finance Agency is a partner, and the project is getting property-tax credits for historic buildings.
“This gets to the heart of part of our mission in the city and Tourism District,” said CRDA Board Chairman Robert Mulcahy III. “It’s what we are supposed to do. Winn will manage the projects on a continuing basis after the units are improved. It adds to stability and to the continued upkeep and maintenance of the homes.”
The rescheduled public hearing will be held at the CRDA main office on Pennsylvania Avenue.
Staff Writer Michelle Brunetti Post contributed to this report.