The Long Branch Housing Authority receives tax credits for the conversion of the Gregory School to Senior Housing
The Metro Company, LLC is co-developing this historic redevelopment project in Long Branch, New Jersey
The Long Branch Housing Authority (LBHA) Executive Director Tyrone Garrett announced during a press conference that the authority has received $30 million in funding, including tax credits from the New Jersey Housing and Mortgage Finance Agency (HMFA), for the restoration and historic conversion of the former Gregory School to housing and the demolition and redevelopment of Woodrow Wilson Homes.
The Metro Company, LLC is co-developing the Gregory School project with Conifer Realty, LLC and the Long Branch Housing Authority. Stuart Portney, president of Metro stated at the press conference: ‘The exciting part about the project is the combination of historic preservation and new construction for seniors. The other piece is that the project is going to result in a $16 million redevelopment, which is a significant amount of money that the housing authority is able to bring into the community from outside investments.”
The Mayor, the Long Branch City Council and the Planning Board fully endorsed the proposal to convert the former Gregory School to a 116-unit senior housing complex in two separate phases. The first phase, for which funding has now been received, consists of 65 units of mostly one-bedroom apartments, which will be located in the restored school building and in the new building that will be added onto the existing school.
The Gregory School is a designated historic site by the National Park Service so the development team will be maintaining and restoring the building’s façade and certain aspects of the interior, including the auditorium, where various services and activities will take place for the use and enjoyment of residents.
You can read one of several news stories of the event by clicking here.
You can also view the November 28, 2011 Press Conference in the three part YouTube video below.