Philip Cali, Jr. announced the formation of Pristine Sustainable Affordable Homes, Inc., aka Pristine Homes, a not-for-profit 501 (c) 3, corporation, in cooperation with Montclair State University (MSU), as the country’s first Public Private Academic Cooperation (PPAC). The PPAC will work with eligible commercial real estate students from the university’s Feliciano School of Business to engage in efficiently constructed and designed sustainable, affordable multifamily housing for low to moderate income residents of municipalities throughout New Jersey.
“Our local communities face a crisis in providing affordable housing to area residents,” points out Mr. Cali. “At the same time, too many young adults in this state cannot find meaningful work, despite advanced academic credentials. Pristine Homes forges a collaboration between private developers, local governments and a respected academic institution. Students accepted into the PPAC program will receive the kinds of practical, relevant experience necessary to obtain employment positions normally associated with two or more years of on-the-job training.”
The PPAC program, was formulated by Clinical Specialist Anthony Palazzo and designed by Dr. Joseph Nicholson, MBA, PhD, coordinator, Commercial Real Estate program. It requires students to participate in revolving assignments, such as financial analysis, economic viability, governmental approvals, municipality and community inclusion and interaction, construction supervision, project and business management, operations and marketing. Eligibility entails a minimum 18-month paid internship commitment and top academic credentials in the commercial real estate program.
Adds Mr. Palazzo, “For more than 17 years, I have known Mr. Cali as a visionary and design construction master. With Dr. Nicholson, we will be working with that rare professor who has exceptional academic credentials, as well as a successful track record in the private sector. Together, we have an opportunity to take young minds beyond academia and into the real world. With this pedagogical framework, students will be working and mentored by a team of experienced developers and receiving an advanced education while having access to the resources of a top university.”
With a goal of developing 1,000 low- and moderate- income units by 2020, municipalities engaged with the Pristine Homes PPAC program will also benefit from the organization’s commitment to allocating 10 percent of the units to veterans and persons with special needs.
“My family has been affiliated with the university for decades and we’ve been developing in New Jersey for over a half century,” continues Mr. Cali. Today’s affordable housing situation is unsustainable and we believe these students are the future of our state and beyond.”
Eight members, over four generations, of the Cali family have attended Montclair State. The Cali family has a long history of philanthropy, with family co-founder John J. Cali the main benefactor for the Cali School of Music at MSU. Their legacy continues through numerous scholarships available at MSU and the continued generosity of John J. Cali’s wife, Rose Cali.
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