L+M celebrates ribbon cutting for $19.8 million mixed-use development

L+M Development Partners (L+M), alongside state and local elected officials, the New Jersey Housing and Mortgage Finance Agency (HMFA), and Bank of America Merrill Lynch celebrated the grand opening of 50 & 55 South Essex Ave. Transforming an abandoned warehouse and coal storage facility into a transit-oriented, mixed-use, mixed-income development, this project promotes economic and community development in Orange and across Essex County. The project, which cost $19.8 million to develop, was funded through a mix of public and private entities. HMFA awarded the project federal Low Income Housing Tax Credits (LIHTC) that generated approximately $13.5 million in private equity. Other funding sources for the development of 50 & 55 South Essex Avenue included a construction loan and permanent financing from Bank of America Merrill Lynch. "This new development at 50 & 55 South Essex Avenue is huge step in the transformation of Transit Village and revitalization of the broader community," said Todd Gomez, Northeast Region Executive at Bank of America Merrill Lynch. "As a leader in community development banking, Bank of America Merrill Lynch is committed to providing financing for affordable housing in underserved communities. This high-quality development is a great example of that commitment." The development will also achieve a green building design standard, complying with Green Futures and Energy Star program requirements in the selection of appliances, the choice of building systems, enhanced resource efficiency, ensured water conservation, and proximity to sustainable modes of transport. Designed by Jak Inglese and Alex Merlucci of Inglese Architecture & Engineering, 50 & 55 South Essex Avenue integrates a modern edge to the buildings' design, while still recognizing the industrial roots of the neighborhood by integrating the historic masonry prevalent throughout the city. PIKE Construction served as a general contractor on the project.