Fairstead and LIHC Investment Group Announce New Ground-Up Mixed-Income Development at Essex Plaza in Newark, NJ
New development would add 241 mixed-income apartments to the campus as well as amenities, ground-floor commercial space, and underground parking
NEWARK, N.J., May 4, 2022 /PRNewswire/ — Fairstead, a purpose-driven, vertically integrated real estate company committed to sustainable development and the creation and preservation of high-quality housing, and LIHC Investment Group today announced a new ground-up development proposal for a mixed-income building at Essex Plaza in Newark, New Jersey. The six-story, 365,000-square-foot proposed development would consist of 241 residential apartments, ground-floor commercial and amenity space, and underground parking. The development would be built as part of New Jersey’s Clean Energy Program, taking a whole-building approach to saving energy with a tailored energy reduction plan to promote efficiency and sustainability. See renderings of the proposed new development here.
“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,” said Brett Meringoff, Managing Partner, Development, at Fairstead. “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.”
“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,” said Andrew Gendron, Principal, LIHC Investment Group. “Essex Plaza is a chance to do it all, holistically, while making huge strides toward a more green and sustainable Newark.”
“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. This helps our renters who are so in need and brings investment to the Newark community,” said Newark Council President Luis A. Quintana.
The proposed development is at the site of the existing parking lot behind 1060 Broad Street, located on Orchard Street, between Camp and Pennington Streets in Newark. 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 development would be constructed as part of New Jersey’s Clean Energy Program to minimize energy consumption and is expected to achieve LEED Silver certification. The building would feature a range of amenities including a resident lounge, in-unit laundry, fitness center, package room, bike room, rooftop green space, and a doorman.
In November, Fairstead and LIHC acquired the Essex Plaza portfolio to preserve 691 units of low-income housing in Newark. Fairstead and LIHC are investing $27 million for sustainable renovations and improvements, as well as on-site support services, at 1060 Broad Street, Essex Plaza’s 450-apartment affordable senior housing building. Renovations are underway, with seniors moving into apartments with brand new kitchens with sustainable appliances, new bathrooms, flooring, fresh paint, and more. See photos of the new apartments here.
The Essex Plaza portfolio is located in the Lincoln Park Historic District of Newark, just steps away from Newark City Hall, Newark Symphony Hall, and the Prudential Center.
In addition, Fairstead and LIHC plan to propose additional new developments in the future for a total of more than 400 new mixed-income apartments in Newark.
Fairstead is a purpose-driven vertically integrated real estate developer specializing in creating sustainable, high-quality housing. The firm’s national footprint includes more than $6 billion in assets and identified pipeline. With offices in New York, Maryland, and South Carolina, Fairstead’s team manages 90+ communities across the country and runs its comprehensive real estate platform, which includes acquisitions and development, venture capital investments in prop tech, design and construction, energy and sustainability, property management, marketing, and leasing. The firm also administers one of the industry’s most proactive community impact programs to provide on-site support services to residents. For more information, visit www.fairstead.com.
About LIHC Investment Group
Led by Charlie and Andrew Gendron, LIHC Investment Group has grown to become one of the most respected real estate investment groups in the industry. The firm holds an ownership interest in more than 35,000 units of multifamily housing nationwide, the vast majority of which is affordable. Our expertise in preservation transactions means we know how to work creatively and deliver results that benefit owners, investors, tenants and the community. To learn more, visit: https://lihc.com/
SOURCE FairsteadView All News