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Revitalization of Van Sciver Building Underway, Fostering Community Growth in Downtown Trenton
The DCA's Downtown Living Initiative commits $10M towards the redevelopment project aimed at providing modern mixed-use housing and retail space.
TRENTON, NJ – The Van Sciver Building in Trenton is set for a transformation through a revitalization project funded by a $10 million loan from the Downtown Living Initiative Program (DLIP), offered by the New Jersey Department of Community Affairs (DCA) in conjunction with the New Jersey Housing and Mortgage Finance Agency (NJHMFA).
The redevelopment initiative is aimed at transmuting the 150-170 South Broad Street buildings into contemporary housing units while retaining their historic facade. The project, to be executed by RPM Development of Montclair, New Jersey, is planned to commence in the fall of 2023.
“The Van Sciver development project will create a premier residential housing complex with a myriad of amenities and services that provides greatly needed rental housing in Trenton,” said Lt. Governor Sheila Oliver, who serves as DCA Commissioner. “Funding support from DCA and affiliate organizations such as NJHMFA was integral to moving this opportunity forward with the ultimate reward of benefiting families with a beautiful new space to call home and the community with an outdoor plaza and retail space.”
Envisioned to serve the community, the Van Sciver project will offer a blend of 120 one-, two-, and three-bedroom residential rental housing units. Out of these, 70 will be available at market rate, 48 will be affordable, and two rent-free units will be dedicated to superintendents. Complementing this, 7,500 square feet of retail space will face a public plaza adjacent to the Assunpink Creek.
The project aims to further invigorate downtown Trenton's revitalization by attracting residents who can stimulate economic resurgence in the area. The strategic location of the Van Sciver building, bridging the historic Mill Hill neighborhood with downtown Trenton, is expected to play a pivotal role in this endeavor.
In addition to housing, RPM Development will partner with Life Management, Inc. (LMI), a 501(c)3 nonprofit organization, to conceive a social services plan for senior, developmentally disabled, and formerly homeless residents.
The project's funding aggregates over $73 million in investment in downtown Trenton from diverse sources including Low Income Housing Tax Credits (LIHTC), Workforce Housing Initiative funding through NJHMFA, ASPIRE tax credits through the New Jersey Economic Development Authority (NJEDA), and a commitment from the City of Trenton for HOME funding.
Furthermore, the Trenton neighborhood will see another resurgence with the redevelopment of 216 E. State Street, transforming the former Bell Telephone building into 98 market-rate housing units.
The DCA and NJHMFA are committed to improving the quality of life in New Jersey by investing in and facilitating access to affordable rental housing and homeownership opportunities. More information about the DCA and its initiatives can be found at https://nj.gov/dca/.
