Real Estate Journal — Owners, Developers & Managers — May 25 - June 7, 2018 — 5B
M id A tlantic
O wners , D evelopers & M anagers Development to include mixed-income apartments, retail and office space NJHMFA marks groundbreaking for historic New Jersey Bell building restoration in Newark
use of the New Jersey Bell building, with a mix of hous- ing, retail and office space, not only preserves a strategically- placed historic building, but helps anchor the downtown neighborhood, giving residents walkable access to shopping, transportation, dining and other amenities.” NJHMFA provided the $119 million development with $15 million through its Conduit Bond program and also awarded 4% Low Income Housing Tax Credits, which are expected to generate $6.5 million in private equity. The
development also received over $3 million in federal Historic Rehabilitation Tax Credits as well as a tax abatement from the City of Newark. 540 Broad St . Owners LLC is a joint venture whose principal members are L+M Development Partners, Pru- dential Financial Inc. and Goldman Sachs Urban Invest- ment Group. The project is the principal members’ latest downtown Newark invest- ment in partnership with Citi Community Capital. In 2017, the partnership re-opened the historic Hahne & Co. building
at 609 Broad St. with financing assistance fromNJHMFA. The landmark former department store was transformed into a mixed-use development includ- ing market rate and afford- able apartments, an arts and cultural center operated by Rutgers University-Newark, a Whole Foods Market, and a Marcus Samuelsson restau- rant, Marcus B&P. NJHMFA is an affiliate of the DCA and has been a leader in the creation and rehabilita- tion of nearly 100,000 afford- able housing units across the state.
ewark, NJ — New Jersey Housing and Mortgage Finance
Agency (NJHMFA) executive staff, city officials and repre- sentatives of 540 Broad St. Owners LLC recently celebrat- ed the groundbreaking of 540 Broad St., which will trans- form the historic New Jersey Bell building into a mixed-use, mixed-income development that includes affordable and market-rate apartments, retail and office space. The 20-story Art Deco build- ing, built in 1929 by the New Jersey Bell Telephone Com- pany, is known for its majestic lobby and brick and sandstone exterior. It was added to the National Register of Historic Places in 2005. “We at the NJHMFA are so very proud to provide signifi- cant funding for this project, which will contribute to New- ark’s new era of prosperity,” said Lt. Governor Sheila Y. Oliver , commissioner of the New Jersey Department of Community Affairs and chair of the NJHFMA board. “By blending affordable and market-rate rental housing, this transformative project will make the city’s growing economic vitality accessible to people of diverse income levels.” The restoration will provide 263 apartments, 20% of which will be affordable for families earning between 40 and 50% of area median income. Apartments, including stu- dios and one- to three-bed- room units, will be located on floors six through 20, with the lower floors consisting of over 80,000 s/f of office, retail and other non-residential uses. The building has been home to the regional offices of Verizon, which will continue to occupy the 4th floor. Apartments will include cen- tral air, as well as a dishwash- er and washer/dryer. Building amenities will include a state- of-the-art fitness center, game room, bicycle storage, and a 24/7 doorman. "540 Broad St. is an advan- tageous partnership between public and private entities that will enhance Newark's ongo- ing revitalization by creating jobs, boosting the economy, and providing much-needed af- fordable housing and market- rate units," said NJHMFA executive director Charles Richman . "The adaptive re-
540 Broad St.
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