The renovation of 52 Montebello Road into affordable-housing units has been completed and the property has been turned over to Urban Edge.
The development team of Daniel Mangiacotti, Paul Iantosca, and Justin Iantosca had plans to turn 3200 Washington St. and 52 Montebello Road into a 76-unit residential complex, but a three-year long approval process, which included a six-month delay to resolve the Open Meeting Law violation the City’s Zoning Board of Appeals committed during a hearing on the proposal, led the team to sell the 3200 Washington St. portion to Berkeley Investments.
The development team retained the 52 Montebello Road site and decided to renovate the building into affordable housing through a City program.
“As a JP resident myself and a member of a development team that has over 35 years of business in JP, it was important to us to get the work on 52 Montebello completed in a timely manner and make sure that we provide the quality affordable housing that we promised the community,” said Justin Iantosca in an email to the Gazette. “My partners, Daniel Mangiacotti and Paul Iantosca, and I are proud that we were able to fulfill our promise to the JP community and delivered these affordable units well before the construction even commences on the market rate and affordable units at 3200 Washington St.”
Urban Edge, a community development corporation, bought the property at the end of June at the discounted price of $200. The building has six, 2-bedroom apartments, which are restricted to those who earn up to 60 percent of the area median income. All apartments have been rented.
“We are gratified to be providing more quality affordable housing to the neighborhood,” said Frank Shea, Urban Edge’s chief executive officer, in a statement.