With the borough Planning Board having approved its site plan Dec. 10, the Ingerman Group expects to close on the back building of the LumberYard property, and could begin construction there later this month.
Collingswood Mayor James Maley said that once the deal is completed, build-out of the existing 34 units could be completed within four to five months. They could be up for lease in the summer of 2013, although possibly not all at once, he said.
Work on the new, five-story apartment building that is now a vacant lot (see images above) would take a little longer. Additional state and county permitting processes are expected to put closing on that property at anywhere from April to June 2013, with an expected 12 to 14 months of construction to follow. That new building could be available for occupancy by the fall of 2014.
“They’ll probably be renting units in the back building four to six months after construction starts,” Maley said. “Even while they finish working there, they’ll be renting units out.”
Not a low-income housing project
Even though Maley has stated at previous Borough Commissioners meetings that the borough has satisfied its Section 8 housing requirements elsewhere in town, the question has been raised whether the new buildings would offer low-income housing.
An Ingerman representative confirmed to Patch that the LumberYard build-out is a market-rate housing project that has no Section 8 housing units associated with it. Furthermore, Camden County residents that qualify for Section 8 traveling vouchers would still be several hundred dollars short of affording rents in the one- and two-bedroom units.
According to this chart, the fair market rent for such units is $929 and $1,119, respectively. The cheapest rents available on the site are expected to be $1,300 to $1,400. The six or seven townhouse-style units that will be created in the completion of the existing LumberYard building are expected to rent for somewhere in the mid-to-low $2,000s.
“As far as I know, that’s the numbers,” Maley said. “You can see what the monthly vouchers would be and it’s not enough. Camden County vouchers wouldn’t pay that rent.”
One retail unit, a leasing office and the Ingerman Group
If Collingswood residents want additional evidence of its commitment to the project, Ingerman will also relocate its corporate headquarters to the ground floor of the new construction property.
Plans provided by Collingswood Borough Hall (above) show that the first floor of the new building additionally will house one 1,500-square-foot corner retail property (for which no tenant has yet been identified) and a leasing office. There will be no other commercial space on the property.
Ingerman oversees 5,000 housing units in four states and employs 200 people in its property management business. Part of the value proposition in taking on the cost of building rental and leased properties lies in maintaining them as revenue-generators, in which Ingerman will be aided by a 25-year PILOT agreement.
Finally, Maley pointed out, the overwhelming consensus from existing tenants at the property supports completing the project as soon as possible.
“Everybody that’s part of the LumberYard unit is thrilled to death to get it going,” Maley said, “as are we. It’s time to build."
1) Good stuff, this is among the best options we could hope for in this spot. 2) the 'other' retail space is labeled as "Mangia," is there reason to believe Raymonds is coming back? 3) Floorplan B1 has a completely enclosed bathroom with no windows or doors 4) The Haddon Ave Facing facade on the top floor has a bit of a Second-Empire feel to it... I wonder if the Architects would be willing to taper the walls back at an angle around dormer windows and shingle the walls in grey to really bring out the style ... 5) duck and cover; here come the unappeasable detractors
Am I mistaken or is this going to be two stories taller than the existing buildings? Does the new building "mirror" the asthetic of the existing buildings? I worry that this is going to end up looking like an eternal reminder of the trials and tribulations suffered to get this project completed (i.e. it will look like it was completed by two different companies, years apart). Ingerman is getting a 25-year PILOT; what is available to everyone else in the building? The overall design is beautiful and I hope that this works out as anticipated. Ingerman moving its headquarters to the location should certainly provide tremendous assurance to anybody worried that this is going to turn into the Heights. BTW, it is fitting that they would use an establishment called "Mangia" as an example of a "retail" tenant. :)
2. I saw what you're pointing out about the B1 floorplan. I believe that's an oversight (similar units have the same walk-in-to-bathroom plan), but I remember thinking the same thing. 3. Not sure of any specifics about the dormers, but everything the borough Commissioners and Planning Board have said throughout this project is that the architectural feel is intended to look like it fits with the existing structure.
As far as what was available to LY tenants who bought the units, some of them received tax abatements; you can read more about them here: http://collingswood.patch.com/articles/meet-the-lumberyard-friends
While I am glad we are moving in the right direction with the older building, I would be in favor of a nice park until something more useful; like actual townhomes? come along to better the space.