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For Immediate Release

 

MAYOR BARAKA JOINS MID ATLANTIC ALLIANCE DEVELOPERS TO CUT RIBBON

FOR THE LOFTS AT LINCOLN PARK CONDOMINIUMS AT 90-96 CLINTON AVENUE

Four story, 24-unit residential building consists of two- and three- bedroom condominiums;

Developer and contractor are both minority- and black-owned enterprises

 

Newark, NJ –July 19, 2018 – Mayor Ras J. Baraka joined Mid Atlantic Alliance LLC executives to cut the ribbon to open the Lofts at Lincoln Park today, at 90-96 Clinton Avenue, in the city’s East Ward.

 

The 55,000-square foot, four-story building delivers 18 two-bedroom two-bathroom and six three-bedroom two-bathroom condominiums. The building offers residents a lounge, a fitness center, an outdoor green space, bike storage, deeded parking, pass through kitchens, and energy efficient appliances, central heating and air conditioning. More than 90 percent of the residences are currently under contract. Both the developer and the contractor are MBEs (Minority and Black-owned Enterprises).

 

“This is another exciting moment in our efforts to build a stronger and more prosperous Newark,” Mayor Baraka said. “It brings more and more economic power to our city, enhances our luster as a destination to live, work, and play, and inspires other developers to join in the transformation of Newark. Equally importantly, Mid Atlantic and Homeworks Construction and Maintenance, the developer and contractor, are minority-owned businesses, and they are manifesting the business leadership we want to see in our city, state, and nation. The projects they create are more than steel and concrete – they are inspirations to future generations of minority youth, who will stand on their moral foundations to reach greater heights.”

 

The project was developed by Mid Atlantic Investment Alliance and built by local MBE Contractor Homeworks Construction and Maintenance. The principals are Hassan Keith, Victor Baker, Michael Bunton, and Mike Adams.

 

“Definitely a proud moment delivering a beautifully designed Redevelopment project to a community that has been severely under-invested in and marginalized for several decades.  A job well done by the collective of the City of Newark, The Mid-Atlantic team and Homeworks Construction.  We already see signs of more redevelopment to come at adjacent sites in the buildings footprint,” said Mr. Baker.

 

“In the different realms of my professional career whether my work as a pro football player, businessman and philanthropist I find it refreshing to find honest, patient hard working men that will educate me as I excel in my sport. I am from Paterson, but I am welcomed with open arms in the Newark Community. Mid-Atlantic will continue to play a significant role as there is so much work to do as we strive to build up our communities,” said Mr. Adams.

 

“I’ve completed quite a few high end transactions in Sag Harbor, as well as Fort Greene located in Downtown Brooklyn. But being an instrumental part of bringing this project to fruition ranks up there with my most rewarding experiences,” said Mr. Bunton.

 

The $7 million development project was funded in part by a $3.6 million loan from Savoy Bank, $600,000 from Motor Vehicle Tax Funding, $300,000 from Newark’s Economic and Housing Development Corporation Funding and the balance being made up by additional redevelopment grants and the Developers equity.

 

-NEWARK-

 

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