SAYREVILLE – The Sayreville Borough Council is appropriating $2.28 million toward a grant for the construction of an apartment complex that will help the borough meet its affordable housing obligations.
On June 30, council members adopted a bond ordinance that authorizes the $2.28 million as grant to Community Investment Strategies, Inc. for the construction of the Place at Sayreville. The Place at Sayreville will be constructed in the River Road Redevelopment Area, which is north of Main Street and east of River Road.
The bond ordinance also authorizes the $2.28 million to be financed entirely by the issuance of bonds or notes.
The Place at Sayreville will have 88 affordable units and one unit for the apartment’s superintendent, giving the complex a total of 89 affordable units.
According to representatives for the complex, there will be five residential buildings and one 1,750-square-foot community building that contains the management office.
The complex will be built inside of a 13.745 acre lot.
The River Road Redevelopment Area, where the Place at Sayreville will be built, is owned by the Sayreville Economic & Redevelopment Agency (SERA). The Place at Sayreville and SERA have a redevelopment agreement, according to the complex’s representatives.
In July 2020, the Place at Sayreville received preliminary and final site plan approval from the Sayreville Planning Board.
Affordable housing is defined as housing that is sold or rented at below market rates to individuals and families whose income meets certain guidelines.
Sayreville’s obligation is 785 affordable units, according to municipal officials. The 785-unit obligation is the result of a settlement agreement, which the Place at Sayreville is a necessary component of, according to Mayor Victoria Kilpatrick and Borough Attorney Michael DuPont.
Council President Kevin Dalina and council members Vincent Conti, Damon Enriquez, Michele Maher and Mary Novak voted “yes” on a motion to adopt the bond ordinance. Councilwoman Donna Roberts voted “no”.