{"id":13123,"date":"2018-07-26T01:50:41","date_gmt":"2018-07-26T05:50:41","guid":{"rendered":"https:\/\/www.shorebeat.com\/brick\/?p=13123"},"modified":"2018-07-26T03:07:54","modified_gmt":"2018-07-26T07:07:54","slug":"sale-of-183-unit-apartment-complex-in-brick-questioned","status":"publish","type":"post","link":"https:\/\/shorebeat.com\/brick\/2018\/07\/sale-of-183-unit-apartment-complex-in-brick-questioned\/","title":{"rendered":"Sale of 183-Unit Apartment Complex in Brick Questioned"},"content":{"rendered":"
\"The<\/a>

The Chambers Bridge Residence in Brick. (Photo: Daniel Nee)<\/p><\/div>\n

A resident questioned the sale of a 183-unit, income-restricted apartment complex in Brick at a council meeting this week, but township officials said the deal will net $1.6 million for the town that it would never have otherwise received.<\/p>\n

The council approved the sale of the Chambers Bridge Residence earlier this summer and, this week, retained Homes Now Inc. to manage its state-mandated affordable housing obligations. The complex is located within the Brick Township Housing Authority complex, but has been owned by Homes Now and operated by National Church Residences.<\/p>\n

\"The<\/a>

The Chambers Bridge Residence in Brick. (Photo: Daniel Nee)<\/p><\/div>\n

Brick is selling the land beneath the building for\u00a0$1,650,000 to NCR, which is also purchasing the structure itself.<\/p>\n

Resident George Scott, who often researches and comments on fiscal goings-on in Brick, showed council members a document filed with Ocean County by the state which he said will discharge the requirement that the complex will remain designated as affordable housing. He also questioned whether the value placed on the plot of land was fair.<\/p>\n

\u201cIt is assessed for over $11 million,\u201d said Scott. \u201cHow do you get to a million-six? I would\u2019ve bought the property myself for that.\u201d<\/p>\n

Kevin Starkey, the township attorney, said the price represents the exact value placed on the land by an appraisal firm hired by the township. The appraisal took into account that the land was already developed with income-restricted housing, and the building itself was not included.<\/p>\n

Officials said the township comes out far ahead by selling the property, which was previously rented to Homes Now for $1 per year.<\/p>\n

\u201cWe decided that rather than renting it for a dollar per year for the next 50 years, we would sell it for $1.6 million,\u201d said Starkey, who added the income restrictions and affordable housing designations were included in the sales contract.<\/p>\n

\u201cWe have negotiated in the deal to extend those affordable housing restrictions,\u201d said Starkey.<\/p>\n

\"The<\/a>

The Chambers Bridge Residence in Brick. (Photo: Daniel Nee)<\/p><\/div>\n

The extension will keep the property as affordable housing through 2044. Starkey said he had not seen documentation from the state that said otherwise.<\/p>\n

\u201cThey are bound by the restrictions we put on that property,\u201d said Starkey.<\/p>\n

Starkey was backed up by\u00a0Christine Hoffman, a representative from Homes Now who was at the township council meeting.<\/p>\n

\u201cWe have not sold the building as of yet, but in the contract it states that the deed restrictions stay,\u201d said Hoffman.<\/p>\n

<\/div><\/div>","protected":false},"excerpt":{"rendered":"

A resident questioned the sale of a 183-unit, income-restricted apartment complex in Brick at a council meeting this week, but township officials said the deal will net $1.6 million for the town that it would never have otherwise received. The council approved the sale of the Chambers Bridge Residence earlier this summer and, this week, […]<\/p>\n","protected":false},"author":1,"featured_media":13124,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[2],"tags":[455,895,2450,3407],"class_list":["post-13123","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-government","tag-brick-township-housing-authority","tag-chambers-bridge-residence","tag-homes-now-inc","tag-national-church-residences"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/shorebeat.com\/brick\/wp-content\/uploads\/2018\/07\/chambers_bridge_residence_brick_nj_1.jpg","jetpack_shortlink":"https:\/\/wp.me\/pgt2Ft-3pF","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/shorebeat.com\/brick\/wp-json\/wp\/v2\/posts\/13123","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/shorebeat.com\/brick\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shorebeat.com\/brick\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shorebeat.com\/brick\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/shorebeat.com\/brick\/wp-json\/wp\/v2\/comments?post=13123"}],"version-history":[{"count":0,"href":"https:\/\/shorebeat.com\/brick\/wp-json\/wp\/v2\/posts\/13123\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shorebeat.com\/brick\/wp-json\/wp\/v2\/media\/13124"}],"wp:attachment":[{"href":"https:\/\/shorebeat.com\/brick\/wp-json\/wp\/v2\/media?parent=13123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shorebeat.com\/brick\/wp-json\/wp\/v2\/categories?post=13123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shorebeat.com\/brick\/wp-json\/wp\/v2\/tags?post=13123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}