Driving Community Investment in Passaic Through a Major Redevelopment Partnership
MS&B Member Bakari G. Lee and Partner Malcolm X. Thorpe recently led the finalization of a comprehensive redevelopment agreement for the Housing Authority of the City of Passaic, working in partnership with L+M State Street Associates LLC and the Passaic Redevelopment Agency. This tri‑party agreement sets in motion a transformative plan to deliver more than 350 new and rehabilitated housing units at the Alfred Speer Village site.
The multi‑phase redevelopment includes:
- Phase 1: Rehabilitation of 256 affordable units across four buildings at 11, 19, 23 & 33 Aspen Place, along with modernized facilities for the Housing Authority.
- Phase 2: New construction of 100–120 mixed‑income units and ground‑floor retail at 24 State Street and 45 Aspen Place.
The anticipated financing structure will utilize HUD’s RAD Program, Section 18, and Low‑Income Housing Tax Credits, collectively ensuring that current residents can remain in their community while expanding long‑term housing options.
MS&B is proud to support redevelopment initiatives that strengthen neighborhoods, preserve affordability, and expand access to high‑quality housing across New Jersey.