CRDA (copy)

The Casino Reinvestment Development Authority main office on Pennsylvania Avenue in Atlantic City.

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.

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.

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.

Contact: 609-272-7222 DDanzis@pressofac.com Twitter @ACPressDanzis

Staff Writer

I cover Atlantic City government and the casino industry since joining The Press in early 2018. I formerly worked as a politics & government reporter for NJ Herald and received the First Amendment: Art Weissman Memorial NJPA Award two years in a row.

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.

PLEASE BE ADVISED: Soon we will no longer integrate with Facebook for story comments. The commenting option is not going away, however, readers will need to register for a FREE site account to continue sharing their thoughts and feedback on stories. If you already have an account (i.e. current subscribers, posting in obituary guestbooks, for submitting community events), you may use that login, otherwise, you will be prompted to create a new account.

Load comments