"Today, we are once again manifesting Newark's continuedtransformation by converting this historic industrial building intomodern, state-of-the-art rental apartments," says Mayor CoryBooker, in a statement. "These apartments will offer a variety ofamenities and features."

|

The $17-million project will turn the building into acombination of market-rate (80%) and affordable (20%) lofts.Newwork LLC managing partner Michael Saltzman has set a summer 2009date for completion, and the finished product will feature a commonatrium linking all the units, as well as fitness and businesscenters and a rooftop garden.

|

"This is a true public-private effort between a local developer,the city and the Brick City Development Corp.," Joseph Ritchie, CEOof Brick City, tells GlobeSt.com. BCDC is the economic developmentarm of the City of Newark.

|

"We're pleased to bring to bear appropriate city and BCDCresources to support this important project," Ritchie says. "Itwill restore a great historic asset, provide affordable housing andcontribute to Newark's 24/7 downtown neighborhood, all whilekeeping with the city's sustainable development principles."

|

To support the project's 14 affordable units, the city provideda $980,000 low-cost loan to Newwork, using funds from HUD's HOMEInvestment Partnerships Program. PNC Real Estate Finance providedan additional undisclosed amount through a construction loan, andwill also monitor construction for both lenders.

|

The city also included a 30-year tax abatement in its incentivepackage. BCDC provided assistance with Newwork's approval process,and extended a $100,000 bridge loan from its First Movers Fund tohelp Newwork prepare the building for construction prior to drawingon the PNC construction loan.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.