L+M Development Partners and Prudential Financial have teamed up to complete a sweeping renovation of Zion Towers, an affordable housing block in Newark, New Jersey. In a recent announcement, the two firms also revealed a successfully brokered deal with the New Jersey Department of Community Affairs to extend the property’s Section 8 contract for an additional 11 years to facilitate necessary financing to begin capital improvements within.
Leasing has launched for Walker House’s rental properties at 540 Broad Street in downtown Newark, New Jersey. Developed in collaboration by L+M Development Partners, Prudential Financial, and Goldman Sachs Urban Investment Group, the landmarked 1929 Art Deco building was renovated to create 211 apartments and a full suite of residential amenities. The 20-story structure’s conversion was overseen by Inglese Architecture & Engineering and CetraRuddy, and will include a fitness center and yoga studio, a library lounge, a private catering kitchen and dining room, a game room, storage areas, and a crowning rooftop terrace with outdoor cooking areas.
Until 2017, residential development in downtown Newark was largely a figment of developers’ imaginations. Over the decade prior, proposals were ambitious but financing was scarce. The one project that had gained financing, Eleven80, a rehabilitation-and-reuse of a long dormant former office building, had gone into foreclosure in 2009, reemerging several years later as a diamond in the rough, Downtown’s lone successful project. Meanwhile, supporting retail was extremely limited.
The city of Newark is making slow but steady progress towards adding new urban infill, including large low-slung developments. One such example is 110 Edison Place, inside the city’s downtown area. Edison Properties purchased the building from North Caldwell-based Berkowitz Company for $7 million, allowing them to build nearly half a million square feet of new office space.
New plans have been unveiled for a residential tower located at the intersection of Halsey and Williams Streets, in Newark, New Jersey. The project, dubbed “Vibe,” is being built by Strategic Development Partners, and is set to bring 256 new residential units to market.