Fairstead and LIHC investment group have announced a new proposal for a building at Essex Plaza in Newark, New Jersey in the US.
Featuring 241 residential apartments, ground-floor commercial and amenity space, and underground parking, the six-storied, 365,000ft2 scheme is intended for mixed income groups.
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It will be built at the site of the existing parking lot behind 1060 Broad Street, located on Orchard Street, between Camp and Pennington Streets in Newark.
To promote efficiency and sustainability, the project would be constructed as part of New Jersey’s Clean Energy Program.
Fairstead managing partner for development Brett Meringoff said: “To support the future of our cities, we need a variety of housing options serving affordable, workforce, and market-rate renters. Having a sustainable place to live is the foundation everyone needs to work in and give back to their communities.
“Fairstead and LIHC are preserving and revitalizing the existing housing stock at Essex Plaza and proposing a new vision for additional housing at the site to further our investment in and partnership with the Newark community.”
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By GlobalDataLIHC Investment Group principal Andrew Gendron said, “The sheer depth of the affordable housing crisis requires that our industry use every available lever. We must build and also preserve, and we must achieve greater affordability for low-income families and seniors while providing options for renters who increasingly find themselves priced out of the middle market.
“Essex Plaza is a chance to do it all, holistically, while making huge strides toward a more green and sustainable Newark.”
About 40% of the apartments would be reserved as affordable housing for those having up to 60% of the Area Median Income, which is $64,400 for a household of four people.
The apartment units would be a mix of one, two, three, and four-bedroom homes.
The building would provide various amenities including a resident lounge, in-unit laundry, fitness centre, package room, bike room, rooftop green space, and a doorman.
It is anticipated that the development will secure LEED Silver certification.
Last November, the two companies acquired the Essex Plaza portfolio to restore 691 units of low-income housing in Newark.
Fairstead and LIHC are investing $27m for renovations at 1060 Broad Street, Essex Plaza’s 450-apartment building.
Renovations are underway, with the affordable senior housing apartments to feature brand new kitchens with sustainable appliances, new bathrooms, flooring, fresh paint, and more.
The Essex Plaza portfolio is situated in the Lincoln Park historic district of Newark, just a few steps away from Newark City Hall, Newark Symphony Hall, and the Prudential Center.
Furthermore, the two entities intend to propose further new developments in the future for a total of over 400 new mixed-income apartments in Newark.
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Image: The apartment units would be a mix of one, two, three, and four-bedroom homes. Credit: Stuart Bailey from Pixabay.
