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Residence at Roosevelt Park Celebrates Grand Opening
April 12, 2018
Middlesex County celebrated the opening of the Residence at Roosevelt Park, the newest independent living community for senior citizens in the county.
The nearly $25M adaptive reuse and historic renovation project was formerly Roosevelt Hospital, which was built in 1937 as part of President Franklin D. Roosevelt’s New Deal.
Middlesex County jointly developed the property with Pennrose, with funding from the New Jersey Housing and Mortgage Finance Agency (HMFA), which awarded the project a competitive nine percent federal Low Income Housing Tax Credit.
Residents over the age of 62 will enjoy modern amenities within 84 one- and two-bedroom apartments, while living in an historically significant building. The units feature Energy Star appliances, carpeted bedrooms, tiled bathrooms, cable/internet hookups, and air conditioning. The complex’s amenities include an on-site management office, community room, fitness room, common laundry rooms, an on-site maintenance superintendent, security cameras, a card entry system, outdoor patio, and a resident gardening area.
Veterans have preferred status for up to 25 percent of the units. Five units are set aside for formerly homeless individuals and couples, while six serve individuals with disabilities. Support services are available to all residents. On-site professional maintenance is provided, as well as a Support Services Coordinator for residents of the special needs units.
“Today, we usher in a new chapter for this grand building that has been caring for our residents since 1937,” said Freeholder Director Ronald G. Rios. “This project is part of our continuing commitment to respond to the changing needs of our population by meeting their continuum of care needs, as well as ending homelessness, and helping our veterans. The Residence at Roosevelt Park is an example of how we are developing and providing services in new ways. It’s an example of bringing innovation to a key service we can now provide.”
“Pennrose invests in the communities we serve,” said Richard K. Barnhart, Pennrose Chairman and CEO. “Residence at Roosevelt Park provides seniors not only with quality affordable housing, but an improved quality of life through social services and access to transportation and healthcare in a beautiful historic setting.”
Speakers at the event included Ronald G. Rios, Middlesex County Freeholder Director; Leonard J. Roseman, Chairman, Middlesex County Improvement Authority, Richard K. Barnhart, Chairman & CEO, Pennrose, LLC.
Roosevelt Hospital was originally built as part of the New Deal through the Federal Public Works Administration (WPA), which enabled architecturally significant and structurally enduring construction. Situated on 11 acres adjacent to the County’s Roosevelt Park and the Menlo Park Mall, the complex is near several healthcare facilities, public transportation, and major roadways.
Wells Fargo invested in the Low Income Housing Tax Credit and Historic Tax Credit equity, Capital One provided permanent loan equity, and Middlesex County provided funds for remediation and demolition. The project will provide more than $4.4 million in ongoing economic output, 25 direct and indirect full-time equivalent jobs, and more than $249,000 in state and local taxes annually. The redevelopment was designed by architect Wallace Roberts & Todd.