Originally constructed as a grand-style apartment building,Colleoni Apartments was later divided into smaller, lower-qualityunits before ultimately being shuttered in the mid-'90s. Regan'srehab has returned the seven-story building to something closer toits original configuration with 29 oversized units. The project isalso the first stage of this city's Lincoln Park RedevelopmentConcept Plan.

"The Lincoln Park neighborhood is one rich in heritage androoted in a tradition of artistic and cultural expression," saidMayor Cory Booker at this week's formal ribbon-cutting. "Therestoration of this structure and redevelopment of Lincoln Parksignals an even greater movement to create more affordable housingopportunities and maintain safe and beautiful communities for allresidents."

Regan Development president Larry Regan said that "our work, intandem with the Lincoln Park Coast Cultural District will help makethis neighborhood a destination spot for new residents andbusinesses, right here in downtown Newark."