The atmosphere at last Thursday’s ribbon-cutting for the rehab of a 21-story apartment tower in Camden was festive, with more than the usual amount of hugging between the developers and government officials, and each side applauding the other.
Camden Mayor Victor Carstarphen read a long city proclamation praising Hudson Valley Property Group for the 18-month renovation of the 321 affordable apartments. City Council President Angel Fuentes said the city will soon honor HVPC with a ceremonial renaming of the street the tower stands on, at 433 North Seventh Street, to “Hudson Valley Way.”
The exceptional celebration wasn’t as much for the $48-million, top-to-bottom rehab but for the end of what likely has been the greatest scourge – lasting decades – in subsidized housing in Camden.
Fatal shootings. Overdose deaths. Drug dealers in the building. What debuted 63 years ago as a luxury apartment building with stunning views of the Ben Franklin Bridge and Philadelphia’s skyline had deteriorated into a rundown, derelict building where residents have long said they feared for their safety.
“This tower was created in 1963 and, when it was built, it was built as a luxury high-rise, a beacon of ambition, a beacon of hope in the city of Camden,” Andy Cavaluzzi, co-founder and partner at HVPG, told government officials and local stakeholders at a celebration of the renovations on Thursday.
“Somewhere along the way,” he said, “the building investment stops coming. The care stops coming. Over time, this building became the example of what happens when a community is left behind.”
What has been named Northgate One will now be The Encore, representing a total investment of $130 million in the property by HVPG, which preserves affordable housing nationally, including 16 projects in New Jersey.
Fuentes told the group he visited the tower in the early 90s when he first ran for City Council. He witnessed the building’s condition then and the residents’ fear.
After he was elected, Fuentes made frequent visits to the apartment complex and implored previous city administrations to clean it up. The councilman said it got so serious that residents told him criminals in the building were after him. He recalled looking up at the balconies as he left to make sure nothing was being tossed down on him.
“This is a beautiful day, a long time coming,” Mayor Carstarphen told the group. “This is historic. Historic. …We do ribbon cuttings for a variety of different positive reasons, but this is a historic ribbon cutting.”
Thirty-year resident Karen Merricks said the “change is undeniable,” and the building’s atmosphere has completely shifted. “This is the first time in a long time that I felt safe. I started to feel unsafe after 30 years of living here — and you guys gave us back our security,” she said in HVPG’s announcement.
Cavaluzzi said HVPG – whose renovations reached “every corner of this building” – chose The Encore as the new name to represent a “second act” with the best performance yet to come.
A tour of the building revealed gleaming hallway floors and additional amenities, including an indoor children’s play area and a full laundry. Residents used to leave the building to do their laundry. One of Encore’s rooms was filled with computers for residents to use.
New energy-efficient improvements, including appliances, are expected to reduce total energy consumption by 28%, according to HVPG.
A Pinelands Alliance Urban Farm on the other side of The Encore’s parking lot will let residents grow their own produce.
Citizens Bank provided a $32.9 million construction loan and $53.3 million in Low-Income Housing Tax Credit (LIHTC) equity to support the renovation. The bank also invested an additional $1 million in Housing Opportunity Fund equity to enhance key resident-focused amenities at the property, according to HVPG.
The project is also one of the first affordable housing preservation projects to use the New Jersey Economic Development Authority’s Aspire tax credit program, according to the company’s announcement.
“Long-term affordability is locked in through a new 20-year project-based Section 8 HAP contract covering 96.5% of units, which ensures residents pay no more than 30% of their income towards rent. The property is additionally subject to a 30-year LIHTC compliance period restricting all units to households earning no more than 60% of Area Median Income,” HVPG said.
