The next URBY-branded development to debut in New Jersey will soon break ground in Downtown Newark. Led by developer L+M Partners, Newark URBY will eventually comprise 250 market-rate residences ranging from studios up to three-bedroom apartments and 4,000 square feet of ground-floor retail.
Located at 155 Washington Street, L+M acquired the property from Rutgers University’s Newark campus in June 2019. The existing 18-story tower and podium structure will be renovated and repurposed from commercial and educational use to accommodate the multifamily project. The refurbished façade will feature a mix of tan cementitious materials and large floor-to-ceiling windows throughout.
“L+M is proud to once again invest in Downtown Newark’s future and further our long-term commitment to its ongoing revitalization,” said Sam Chapin, senior director at L+M Development Partners. “Newark URBY will bring a long-underutilized lot in the middle of downtown to life through the URBY brand with first-class residences and amenities, community retail, and community space.”
Residential amenity spaces will include an outdoor roof deck, an interior courtyard on the ground floor, a fitness center, multiple lounge areas, and a music room. Future occupants of Newark URBY will also have close access to NJ Transit via the Broad Street Station, as well as Newark Penn Station with services by Amtrak, PATH, and NJ Transit rail.
“The thriving, cultural hub of Newark is a perfect match for URBY as we focus on bringing community and fresh perspectives to retail and residential development,” said Dave Barry, CEO of URBY. “Newark URBY will celebrate the design history of the city with this renovated tower and connect the building to the energy of Rutgers University and the movement within New Jersey and to New York City via convenient public transit.”
To complete the project, URBY and L+M successfully closed on $61.5 million in construction financing. Total construction costs are estimated at $91.5 million.
Construction is expected to wrap by spring 2022. The project will be the fifth URBY development overall, joining existing New Jersey projects in Harrison and Jersey City, as well as Staten Island, New York, and Stamford, CT.