The aim is to keep the older folks from moving out of town by providing affordable housing in the community. With the town providing the land for its development, unit costs "will be kept substantially below market rates," according to D'Ercole.
The mayor and council conceived the project five years ago and set up the community-sponsored Norwood Senior Citizens Housing Corp. to serve as co-developer. Norwood Seniors is a 501-C4 not-for-profit community-based organization.
After four years of failed attempts, Norwood Seniors signed Englewood Cliffs, NJ-based William Procida Inc. to arrange the financing and find a builder. Chase Manhattan Bank was brought into the picture to provide the construction financing.
WPI found the builder through an RFP process that started with 20 firms, and whittled by a half-dozen who ultimately submitted bids. The builder selected was the Long Island-based Jobco Organization.
With construction currently underway, occupancy is slated for the summer of 2002. Design is by Harsen & Johns Architects of Bergen County. The project sales agent is Paul Van Dyke of Galaxy Real Estate, Norwood.
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