CAMDEN COUNTY GETS BOOST FROM STATE FOR SENIOR HOUSING PLAN IN SOMERDALE
For Immediate Release: July 10, 2008
Contacts: KEN SHUTTLEWORTH Cell (609) 472-8837

Approval by the New Jersey Mortgage Financing Authority to allow $500,000 in tax credits has paved the way for Camden County officials to plan the Gateway Village family housing project on the White Horse Pike, at Evesham Avenue, in Somerdale.

“This opens the door to allow us to put into place an essential component of the single largest economic development project in the history of Somerdale – revitalization of the Lions Head Plaza shopping center under the leadership of Mayor Gary Passanante and the borough’s governing body,” said an elated Louis Cappelli Jr., director of the Camden County Board of Freeholders.

He explained authorization of the tax credits allows the non-profit Camden County Housing Association and Bordentown-based Community Investment Strategies, Inc., a for-profit co-developer, to secure financing to proceed with the housing project.

“Gateway Village is part of the new town center, Cooper Towne Center, we have been planning for nearly seven years,” added Somerdale Mayor Gary Passanante. The mayor said it will generate more than 500 new jobs both on the site itself and within walking distance.

The mayor said the entire revitalization plan covers 51.9 acres with nearly 400,000 feet of retail space, with 1,300 parking stalls. The 30 units included in the Gateway Village project will cover 2.5 acres at an estimated cost of $6 million. Cappelli said he expected work to begin next spring with completion expected a year later.

Cappelli called the Lions Head revitalization project “a model for ‘smart growth’ redevelopment.,” adding: “We will see a pedestrian friendly community where sidewalks and pedestrian connections will promote walking and reduce dependence on automobiles.”

The freeholder director praised the Camden County Improvement Authority, the economic development arm of county government, for its role in working with Mayor Passanante, the Camden County Housing Association and CIS to move the project forward. CIS President Christiana Foglio, who has directed a number of housing projects throughout the state, echoed Cappelli’s comments. “This is our first venture in Camden County and we’ve been impressed with the professionalism and the can-do spirit that has set the stage for a great success story,” she said.

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