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William E. Cleary Sr. | CNBNews

GLOUCESTER CITY, NJ (July 26, 2020)(Gloucestercitynews.net)---Cyzner Properties the owner of the River Pointe Apartment complex, (a.ka.a. Chatham Square, Meadowbrook Mews) 58 Crescent Blvd., and Klemm Avenue, Gloucester City is accepting applications for one or two-bedroom unit. The monthly rental price begins at $1,400.

Gloucestercitynews.net files

RELATED: Details of Gloucester City's Sale of Chatham Square

Cyzner purchased the property from the City of Gloucester in 2018 for $1.5 million. Formerly known as The Chatham Square Apartments, and Meadowbrook Mews, the city purchased the 100 apartments in 2008 for $4.3 million. Over the next 10 years, an estimated $3 million was spent on various expenses such as : 

• $2,043,631 rehabilitation expenses
•  $568,653 paid in interest on the $4,350,000 bond 
•  $61,214 legal fees
•  $92,253  employee salaries
•  $351,196 for operating expenses
•  $17,470 bond council service-financing
• $28,631 engineering/legal-survey/subdivision
• $25,000 to Daniel Aaron private contractor

Adding the tax revenue lost over the 10 year period the city owned the property amounts to approximating $759,390 bringing the total cost to $8 million.

RELATED: Meadowbrook Mews Townhouses for Sale; Price Range $167,000 to $195,000

The newly renovated apartments are located in a gated community

Gloucestercitynews.net photo

The financial arrangement signed in 2017 called for Cyzner Properties to provide $1.5 million down payment and $155,000 annually to the city instead of taxes in an accordance with the Long Term Tax Exemption Law NJSA 40A:20-1 et.seq

 The 30-year-contract contains no cost of a living clause as such the payments, labeled in the contract as an Annual Service Charge will remain at that figure. "Likewise, the Annual Service Charge shall not be affected by any revaluation or reassessment during the term of the agreement," as per the contract. Cyzner will pay taxes on the land which will be assessed later.

The new owner of Chatham Square was able to obtain the 34 Gloucester Terrace Apartments for $2 million plus. Those buildings were included in the renovation and rebuilding of the Chatham Square complex

(Gloucestercitynews.net photo)

In 2008, CNBNews asked the newly elected mayor, William James why did the taxpayers of Gloucester City purchase the property. James said, "Because some of the residents living in the complex are criminals who were selling illegal drugs. Those criminals and drug dealers were “a strain on the local police department.”  He said too that some residents with children were putting “a strain on the school system.”

The plans for the complex released in 2018 called for the construction of 141 apartments, 100 of those units will contain two bedrooms and 41 of the units will be one-bedroom apartments suited for young professional adults and millennials. The complex will also have a dog park, a clubhouse with a gym, a hospitality room, and a community kitchen for events.

The construction cost estimate for the rebuilding of the complex was $17.4 million or $130,119 per unit, according to documents obtained by CNBNews.

From the River Pointe website: 

Welcome to River Pointe, a beautiful privately gated apartment community with a convenient location right off Exit 2D on Route 76 Northbound and Exit 1D on Route 76 Southbound with immediate access to Route 130. Our new spacious one and two-bedroom residences offer private entrances with secure gated access. River Pointe community highlights include outdoor entertainment areas featuring BBQ stations and pergolas to relax with friends. Clubhouse with beautifully appointed lounges, fireplace, state of the art gym and community garden for our green thumb residents, along with a dog park and dog wash station for our furry friends.

Bedroom

Bedroom

Kitchen and Great Room

Kitchen

Great room 

COMMUNITY FEATURES

INTERIOR AMENITIES

source River Pointe website: 

A section of the new apartments (Gloucestercitynews.net files)

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