Proposed Complex In Newark Would Have 40% Affordable Housing

NEWARK, NJ — A proposed, 241-unit apartment complex in Newark would include 40 percent affordable housing, developers say.

Fairstead and LIHC Investment Group recently announced plans to build a mixed-use development at the site of the existing parking lot behind 1060 Broad Street, between Camp and Pennington Streets.

The six-story, 365,000-square-foot complex would consist of 241 residential apartments, ground-floor commercial and amenity space, and underground parking.

According to Fairstead and LIHC Investment Group:

“Of the planned 241 apartments, 40% would be set aside as affordable housing for those making up to 60% of the Area Median Income ($64,400 for a household of four people). The apartments would be a mix of one, two, three and four-bedroom homes.”

The building would feature amenities including a resident lounge, in-unit laundry, fitness center, package room, bike room, rooftop green space and a door attendant, developers said.

“I will be working together with Fairstead to continue to bring more affordable housing to the seniors and working families of Newark, and to develop more apartments at a market-rate,” Newark Council President Luis Quintana said.

“This helps our renters who are so in need and brings investment to the Newark community,” Quintana said.

The proposed development would be part of the Essex Plaza portfolio, which Fairstead and LIHC acquired in November 2021. The portfolio is located in the Lincoln Park Historic District of Newark, near City Hall, Newark Symphony Hall and the Prudential Center. Read More: 3 Real Estate Updates In Newark You Should Know About

“To support the future of our cities, we need a variety of housing options serving affordable, workforce and market-rate renters,” said Brett Meringoff, managing partner of development at Fairstead.

“Having a sustainable place to live is the foundation everyone needs to work in and give back to their communities,” Meringoff said.

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