Passaic Board Approves 106-Unit Aspen Place Apartments
The six-story building is part of the Alfred Speer Village redevelopment, with no market-rate units planned.
Updated on Nov. 15, 2026 in Apartments
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Passaic's Planning Board approved a six-story development with 106 apartments at Aspen Place at its October 14 hearing. The building is part of the redevelopment of Alfred Speer Village.
Why it matters
The proposal reserves its units for workforce and lower-income households rather than market-rate renters, a mix that shapes the supply of affordable housing in Passaic. The approval is one step in a broader redevelopment of the Alfred Speer Village complex.
The Planning Board approved 106 apartments across six stories, with 21 one-bedroom, 63 two-bedroom and 22 three-bedroom units. Eligibility is capped at 120% of area median income for workforce units and 80% for low- and moderate-income units, but the split between income levels has not been set.
The players
State Street Owners LLC
State Street Owners LLC is the company that brought the Aspen Place proposal before the Planning Board.
The details
State Street Owners LLC's attorney presented the proposal's income-level plans at the October 14 hearing. The development is part of the redevelopment of Alfred Speer Village, which is planned to include rehabilitation of existing apartments and eventually additional construction.
Timeline
October 14, 2026: Passaic Planning Board approves the Aspen Place development at its hearing.
Housing Context
The Aspen Place proposal uses area median income thresholds of 120% and 80%, the same income-band framework used in New Jersey's affordable and workforce housing standards. Its inclusion of no market-rate units places it at the affordability-focused end of new residential development in the county.
Renters who earn up to 120% or 80% of area median income may qualify for the new units once they are built. Households considering a move should watch for the income-level breakdown and leasing timeline, which have not yet been announced.
The takeaway
Households near Passaic's income thresholds should track how the income-level split is finalized, since it determines who can actually rent at Aspen Place.
Further reading
For related coverage, browse Apartments in Passaic.
Source note: This article includes information reported by News 12 - New Jersey.
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