Michaels Develops Seniors Housing

Michaels Develops Seniors Housing MARLTON, NJ - Abundant Life Fellowship, a non-denominational Christian Church located in Edgewater, NJ, whose extensive community outreach over the years has included serving the homeless, is finalizing plans for its latest mission: creating a unique, mixed-use community featuring affordable apartments for low-income seniors as well as a regional medical center on a 52-acre site that the Church owns in Delanco, N.J.

The campus, to be called Living Springs, will be developed on the former site of the Holiday Lakes amusement park off Route 130, which the church acquired in 1987. Abundant Life Fellowship, along with its partner, the Marlton-based Michaels Development Company, received final approval, for Phase-1, from township officials earlier this month and plans to break ground in the fall.

"We are very appreciative of the township, county, and state supporting our vision of providing affordable housing for the elderly in Delanco," said Aubrey Fenton, executive Pastor of Abundant Life Fellowship, who is also an experienced civil engineer with extensive development experience. "This is a wonderful piece of property, complete with lakeside views, so it is perfect for residential development, but the fact that we can make it affordable and also provide our residents—and the wider neighborhood—with a first-class medical facility on the same campus is really exciting."

Our Lady of Lourdes Medical Center of Camden has already committed to taking more than 16,000 square feet of the 64,000 square feet of commercial space planned for the Living Springs Campus. The 120 residential units, including 20 specifically for individuals with disabilities, will be designed as cottage-style apartments and will feature "green building" techniques, such as energy-star rated appliances.

Michaels Development Company, one of the nation's top affordable housing developers, will serve as the co-managing partner on the project and will also help the church secure funding, including Low Income Housing Tax Credits, to finance the $20 million development. Michaels' sister company, Interstate Realty Management, will provide property and asset management services to the Living Springs Community. Interstate is an awarding-winning property management company known for its innovative social services, including computer training and health and wellness programs for seniors.

"I really think of this project as an example of the future of what development should be," said Pastor Fenton. "We're working to provide housing to the neediest among us at the same time providing much-needed access to primary care medical services right on the same campus."
Joel Silver, vice president of development for Michaels, said that the financial strength and the national reputation of Michaels Development Company will help ensure the project's success. "We look forward to turning the Pastor's wonderful vision for Living Springs into reality," Silver said.

About Abundant Life Fellowship: Abundant Life Fellowship is a non-denomination Christian Church in Edgewater, N.J., founded by the Rev. Dr. Abraham E. Fenton and his wife, the Rev. Dr. Eve Fenton. The fellowship has a long history of service to the community, including wide-ranging programs for children, youth, and the elderly. In 1997, Executive Pastor Aubrey Fenton, a civil engineer, supervised the construction of the Fellowship's facility on Rt. 130, an experience that sparked a genuine sense of compassion for people and an interest in serving the public's needs within the political arena.

About the Michaels Organization: Headquartered in Marlton, NJ, The Michaels Organization is a family of companies dedicated to excellence in affordable, mixed-income, and military housing. Since its founding by housing pioneer Michael J. Levitt in 1973, the Michaels Organization has developed, financed, or acquired more than 40,000 apartments, and currently manages 33,000 units in 26 states, the District of Columbia, and the U.S. Virgin Islands. Its companies include the Michaels Development Company, Interstate Realty Management, and Michaels Military Housing.
Source: The Michaels Organization

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