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NEWARK-The historic Colleoni Apartments building has been vacant for more than a decade, but is now back on the rental market after a massive makeover by Regan Development Corp. The Ardsley, NY-based Regan bought the property from the City of Newark in 2004 and launched the redevelopment, which came in with a price tag of nearly $6 million.

Originally constructed as a grand-style apartment building, Colleoni Apartments was later divided into smaller, lower-quality units before ultimately being shuttered in the mid-’90s. Regan’s rehab has returned the seven-story building to something closer to its original configuration with 29 oversized units. The project is also the first stage of this city’s Lincoln Park Redevelopment Concept Plan.

“The Lincoln Park neighborhood is one rich in heritage and rooted in a tradition of artistic and cultural expression,” said Mayor Cory Booker at this week’s formal ribbon-cutting. “The restoration of this structure and redevelopment of Lincoln Park signals an even greater movement to create more affordable housing opportunities and maintain safe and beautiful communities for all residents.”

Regan Development president Larry Regan said that “our work, in tandem with the Lincoln Park Coast Cultural District will help make this neighborhood a destination spot for new residents and businesses, right here in downtown Newark.”

Stefan Pryor, deputy mayor for economic development said that “the opening of this building sets a terrific precedent for future residential development in Newark’s downtown, and in particular, the Lincoln Park neighborhood.”

Joe Ritchie, CEO of Brick City Development Corp., Newark’s development arm, said that “we look forward to continuing to assist the Colleoni team in marketing the building to potential tenants.” As part of that marketing effort, incentives are being offered for tenants who also work in Newark.

The Colleoni Apartments makeover was completed with the help of a $1.5-million contribution from the state’s Department of Community Affairs as part of the New Jersey Downtown Living Program.

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