Residential Development In Downtown Newark

By Author: BCDC Newark
Total Articles: 2
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Brick City Development Corporation (BCDC), Newark’s economic development catalyst, is working to achieve the goal of attracting an additional 5,000 people living and 5,000 people working in or around downtown Newark in the next five years. Newark's downtown is becoming a transformative residential community. More than 250 mixed-income downtown lofts are now occupied in downtown Newark with the Richardson Lofts, the Packard Lofts, the Studebaker Lofts and most recently the RockPlaza Lofts.

RockPlaza Lofts is the newest addition to the downtown scene. This project consists of seven historic properties that have been rehabilitated and retrofitted for residential, retail and commercial opportunities. There are a total of 30 apartments completed and 50 to be constructed. Located in the heart of Newark's cultural and entertainment district, RockPlaza Lofts is only steps away from Newark Penn Station. According to the developer, Fidelco Group, more than 200 people are on the waiting list, demonstrating the demand for the quality market rate housing in downtown Newark.

Another residential building, Packard Lofts, is ...
... located along the Broad Street corridor. This adaptive reuse project was formerly a Packard automobile showroom and features 28 loft style units. The property offers over-sized units, vaulted ceilings, exposed duct work, granite counters, interior brick walls, a rooftop terrace and private parking lot. The property also experienced a quick lease-up. Ownership is providing tenants with the option to purchase their units in a “lease-to-own” scenario.

Local developer, RPM Management LLC, developed two LEED certified 50/50 market rate/affordable apartment projects: Richardson Lofts and Studebaker Lofts. Richardson Lofts is a 67-unit loft-style apartment project, constructed at the turn-of-the century as a jewelry manufacturing facility. This impressive structure celebrates its historic past, with a grand spiral staircase and open atrium, and embraces the area’s bright future with two new stories featuring modern penthouse duplexes. Studebaker Lofts is located north of I-280 along Broad Street. This five-story development was an adaptive reuse of a former Studebaker automobile showroom. The property features 68 loft-style units with exceptional features, including hardwood and duplex units. The project was 100% leased prior to completion and there is a significant waiting list for both the market rate and affordable units.

Teachers Village, a nearly $150-million mixed-use development in downtown Newark, will create three new schools, a daycare center, more than 200 moderately-priced rental apartments for Newark teachers, and more than 20 on-street retail establishments, which will include restaurants, medical offices and local and national stores. BCDC provided $1 million loan to the project through the BCDC/ Newark Office of the Urban Enterprise Zone Loan Fund, which helped to solidify a unique public private partnership.

Adding to this loft environment is Newark’s “college town” climate. Newark has six universities and approximately 50,000 students, faculty and staff and 140,000 employees. Each year over 8,600 students graduate from Newark universities. “There is a clear housing demand in downtown Newark. We now need more local, national and international developers and investors to meet the demand,” said Lyneir Richardson, CEO of BCDC. “Any developer interested in either rehabilitation or ground up construction should consider investing in residential real estate in Newark, given these market conditions. BCDC is here to offer site selection services, financial assistance and marketing support to help developers set projects underway.”

About the Author

Brick City Development Corporation (BCDC) is the primary economic development catalyst for Newark, New Jersey, organized to retain, attract and grow businesses, enhance small and minority business capacity, small business development, and spur real estate development within the city. Read More... http://bcdcnewark.org/