MJ Peterson Corp., in partnership with the New York City property manager owned by Miami Dolphins owner Stephen Ross, has kicked off work on a $60 million project to renovate more than 1,000 affordable apartments in the Town of Amherst.
Buffalo-based MJ Peterson – a family-owned real estate company – is teaming up with the Related Companies on an 18-month venture to renovate the Oxford Village Townhomes, Princeton Court Apartments, Brewster Mews Apartments and Parkside Houses.
The goal of the multifaceted project – which is being supported by $3 million in tax abatements from the town – is to preserve and upgrade affordable housing in the region's largest suburb.
The four complexes contain 1,016 units, or slightly more than half of all affordable housing in the growing town, which is the largest in the state outside of the New York City metropolitan area.
“This is a great opportunity to preserve and extend our company’s involvement in affordable housing that will benefit our tenants and their families for many years to come,” said MJ Peterson CEO Pete Peterson.
To minimize displacement for tenants, about eight to 10 families will temporarily move out of their apartments every two weeks into another vacant unit within the property, allowing time for workers to get into their units for the rehab.
Oxford Village and Parkside also will get a new playground and benches, while Princeton Court will receive a new community building, exercise room and internet room. Brewster Mews – which focuses on a low-income elderly population – will see a new community building for more tenant and office space.
MJ Peterson and Related previously said they expect to spend $45,000 to $50,000 per unit, financed with 4% low-income housing tax credits and tax-exempt bonds from the New York State Housing Finance Agency. The apartments will remain affordable to households earning no more than 60% of the area median income.
The renovation by Cleveland-based Legacy Construction Services is expected to finish up by spring 2023, but will pause during Christmas so that families are not disrupted.