Thatcher

Experience

The development of the currently vacant site on North Walnut and William Streets into a captivating new neighborhood enhancing project will result in the replacement of the blighted site with a compelling mixed income development that will feature 172 high efficiency and high quality rental market rate and workforce housing units, consisting of mostly one and two bedrooms. The mixed income units will be housed in a beautifully designed mid rise, five-story building. The mixed income rental units will be rented at income levels of 60% of Area Median Income and above and will feature amenities for residents inclusive of a 2000 sf fitness center, a 3000 sf elegant and a 2000 sf art gallery. This project is in pre-development with an estimated completion of Spring 2021.

Relationships

• PILOT and Redevelopment Agreement with the City of East Orange
• Zoning Enhancement through Redevelopment Plan Amendment
• LIHTC Equity Investor - RBC
• Construction Loan and Bond Purchaser – Chase Bank
• Joint Venture Partnership with large scale developer JG Petrucci

Project Management

• Preliminary and final Planning Board approvals
• Project Team selection
• Superior risk adjusted returns with use of state and municipal subsidies