Mid-Atlantic Inventment Alliance Breaks Ground

Eco-friendly project to include construction of 10 units of affordable and workforce housing; is part of city-wide initiative to revitalize vacant and abandoned properties throughout Newark.

Newark, NJ – December 10, 2008 – Mayor Cory A. Booker joined today with West Ward Councilman Ronald Rice, Deputy Mayor of Economic & Housing Development Stefan Pryor, Director of Housing and Real Estate Michael Meyer, Mid-Atlantic Investment Alliance, and a host of city officials and local residents to break ground on a $2 million redevelopment project in Newark’s West Ward.

Announced during a Noon press conference at one of the properties, the project will include the construction of Energy Star Certified and Eco-Friendly two-family homes, providing a total of 10 units of affordable and workforce housing for Newark residents. Its redevelopment is part of the City’s initiative to partner with local developers to resuscitate vacant and abandoned City- and privately-owned properties throughout Newark.

“In breaking ground on this new redevelopment project, Newark continues to demonstrate its resilience and economic growth in the face of fiscally challenging times,” said Mayor Booker. “Through successful partnerships such as this, we are helping local entrepreneurs expand their enterprises, while providing more affordable and workforce housing opportunities for Newarkers. In doing so, we are offering residents a high quality of life, and manifesting Newark’s excellence to the nation.”

Spearheaded by the Department of Economic and Housing Development, the City of Newark seeks to utilize its land disposition policy to promote local minority and women-owned developers and contractors, while also creating a wider variety of housing opportunities for residents. This partnership between the City of Newark and Mid-Atlantic Investment Alliance signifies efforts being made by the City, local entrepreneurs and the community to revitalize Newark neighborhoods and increase quality of life for residents.

“This project will bring substantial new investment into this neighborhood, investment that will improve the quality of life for area residents, through rebuilding on underused vacant lots and creating new affordable housing, said Deputy Mayor Pryor. “At the same time, this project supports our mission to help local, small developers obtain new opportunities to grow. This will no doubt just be the start of Mid Atlantic Investment Alliance’s work to help revitalize Newark’s neighborhoods. ”
The project has received $400,000 in subsidies from the State’s Housing and Mortgage Finance Agency, which will allow for properties to be sold as workforce and affordable housing for pricing as low as $126,000. Additionally, the Community Preservation Corporation played a critical role in its development, having secured $607,000 in construction financing for the project.

“This project is a great example of the City of Newark taking advantage of some of its strongest community resources to help rebuild our neighborhoods,” said Michael Meyer, the City’s Director of Housing and Real Estate. “The Mid-Atlantic partners are from Newark and are invested both economically and emotionally to the rebirth of our neighborhoods.”

Last year, the City announced plans to redevelop up to 102 vacant and abandoned properties in the West Ward, using a consortium of locally-based developers in accordance with a plan drafted by the Urban League of Essex County (ULEC). Those adjacent revitalization projects further compliment the efforts being made by Mid-Atlantic Investment Alliance to redevelop and reinvigorate neighborhoods in the West Ward.

“Mid-Atlantic Investment Alliance was the first developer I ever met with concerning their vision for the city of Newark upon my taking office in 2006 and I immediately became a supporter,” said Councilman Rice. “I am so pleased that this partnership between the city and their company will further enhance development in the West Ward as well as empower Newarkers and minority participation in Newark’s continued improvement, growth, and embrace of green technology.”

The Mid-Atlantic Investment Alliance is an African-American-owned and operated real estate development firm based in New Jersey. Guided by Rutgers’ alum Victor Baker, Jeffery Montgomery and Hassan Keith, the company has been helping to pioneer efforts to transform blighted properties in the community.

“Our focus is to be a part of the solution, and we are definitely proud to boast the seven figure contracting opportunity we are providing for the local MBE contractor,” said Victor M. Baker, President and CFO of Mid-Atlantic Investment Alliance. “With the help of both the New Jersey Housing and Mortgage Finance Agency and the Community Preservation Corporation, we are working together and creating opportunities within the community, and are hopeful our example will resonate.”

Homeworks Construction & Maintenance, a local certified Minority Business Enterprise, has been contracted to do construction on the redevelopment project. In joining with Mid-Atlantic Investment Alliance, the two companies are implementing the best practices of hiring Newarkers, demonstrating a twofold commitment to creating employment and housing opportunities for residents.

“This is truly the dawn of a new era in the city of Newark – an era in which young Black and Latino men are leading the way to rebuild and reclaim our home communities,” said Newark-native Hassan Keith, the project’s General Contractor and President of Homeworks Construction & Maintenance. “Our mission is to usher in infrastructure and economic growth in American cities, beginning right here in my own hometown.”

City of Newark site

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The Mid-Atlantic Alliance was featured on NBC Nightly News “Making a Difference” on 7/3/09

Transforming Newark’s South 9th St: In one block in Newark, N.J., affordable homes now stand in place of vacant lots, thanks to a group of entrepreneurs hoping to change a neighborhood and make a difference. NBC’s Ron Allen reports. Watch the interview by clicking here.