Upscale River Pointe Luxury Apartments Now Leasing; Estimated $17.4 Million Spent to Build/Renovate Complex
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.
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.
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.
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.
- In between Collingswood & Mt. Ephraim offering you proximity to shopping, restaurants, nightlife, and entertainment
- Pet-Friendly Community with dog park featuring agility equipment, water fountain, and dog wash station
- Completely private community with gated entrance and controlled access entry for guests
- Each residence offers complimentary delivery box lockers on-site for deliveries from popular retailers
- Outside entertainment area featuring BBQ stations, and beautiful Pergolas to gather with friends
- Community clubhouse with party room, beautifully appointed lounges, fireplace, and business center with wireless access
- State-of-the-Art Fitness Facility
- Community Garden
- Smoke-Free Community
- On-site maintenance
- Town-home style living featuring private entrances
- New construction with stainless steel appliances
- Luxury showers featuring MOEN Rain head showers and handheld shower heads
- Full size washer and dryer included
- Oversized refrigerator and freezer with built-in purified water & ice dispenser in most units
- Modern LED Vanity medicine cabinets
- Wide plank wood LVT flooring
- Dishwasher & Garbage disposal
- Quartz countertops with subway tile backsplash with breakfast bar
source River Pointe website:
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