4B — July 12 - 25, 2019 — New Jersey — M id A tlantic

Real Estate Journal


N ew J ersey

EWARK, NJ — State and local officials, in- cluding New Jersey RestorationbyL+MDev. Ptrs., Prudential Financial &GoldmanSachsUrban InvestmentGroup Ribbon cutting marks opening of historic New Jersey Bell Building Restoration in Newark N

Investment Group provides 264 apartments, including 53 which are affordable for families earning between 40 and 50% of the area median income as well as office and ground-floor retail space. “The Bell Headquarters has been an iconic landmark in Newark for almost a cen- tury and is a reminder of the city’s thriving commerce, so it is fitting that it is being restored and opened up as a place for people to live and do business,” said Lt. Governor Sheila Oliver, who serves as DCA Commissioner and chair

of the NJHMFA board. “This new residence meets our goal of providing affordable hous- ing options for individuals with mixed-income levels. Governor Murphy and I thank the public and private entities that have come together to make this historic renovation become a reality.” The 21-story Art Deco build- ing, built in 1929 by the New Jersey Bell Telephone Com- pany at 540 Broad Street, is known for its majestic lobby and brick and sandstone exte- rior, which were added to the National Register of Historic

Places in 2005. The develop- ment is a New Jersey Future 2019 Smart Growth Award winner. The redevelopment brings affordable and market-rate housing to a key downtown location, as well as jobs to sup- port the local workforce, and helps boost the state’s efforts to achieve stronger and fairer economic opportunities. Apartments, including stu- dios and one- to three-bed- room layouts, are located on floors six through 20, with the lower floors consisting of over 80,000 square feet of office and retail space. Walker House has been home to the regional offices of Verizon, which will continue to occupy space in the building. Projected retail- ers include a rock climbing gym, a craft brewery and a UPS Store. Current occupants at the building include Per Scholas, a not-for-profit pro- viding job training to low- and moderate-income households in the information technology sector. “Walker House provides a model for mixed-use, mixed- income development where people can live, work, shop and play in the community,” said NJHMFA executive di- rector Richman. “This rede- velopment exemplifies the renaissance taking place in Newark, capitalizing on its key role as a transportation hub, a prime location to build or grow business, a center for education and culture, and more.” Residents began moving in June 1. The affordable apart- ments were leased through a lottery at the end of 2018, which drew about 300 appli- cants. Rents on the affordable apartments range from $705 for a studio, with household incomes limited to $32,200 depending on household size. Rents on the three-bedroom apartments are $1,308 with incomes capped at $58,350 depending on household size. NJHMFA provided the de- velopment with $15 million through its Conduit Bond program and also awarded 4% Low Income Housing Tax Credits, which generated $8.9 million in private equity. The development also received $13.25 million in proceeds from federal Historic Reha- bilitation Tax Credits as well as a tax abatement from the City of Newark. 

Housing and Mortgage Fi- nance Agency (NJHMFA) executive director Charles A. Richman , celebrated a rib- bon-cutting ceremony mark- ing the opening of Walker House, which involved the transformation of the historic New Jersey Bell building into a mixed-use, mixed-income development. The restoration by L+M Development Partners, Prudential Financial, Inc., and Goldman Sachs Urban

540 Broad Street rendering

P o s k a n z e r S k o t t A r c h i t e c t s 550 North Maple Avenue, Ridgewood, NJ 07450 201.445.2322 www.poskanzerskott.com

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