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Adaptive re-use of former office building located on a 12,000 sq. ft. Central Ward site into a 41-unit mixed-use apartment building with parking. Mid-Atlantic purchased the site in an Arm’s Length transaction on December 23, 2019 for $1.55M.

Building will feature 40 rentals over one ground floor commercial space, ample private outdoor rooftop space, a 1300 sq ft top floor party & gameroom and a fitness center for residents.  20% of the units will be reserved for affordable housing.

A Spring 2023 construction commencement is targeted.

Project Metrics

  • Total Construction Cost  $11.79M

  • 2025 Stabilized Value $16.2M

  •  Seeking $5M Equity Investment for a 7% Preferred Annual Return

  • 5 Year Hold

New Commercial Redevelopment is completed or under construction 3-5 minutes walking to the south, east and west directions.  Recent MLS Rental Comps reflect an average monthly marketing price of $3,200 for 2bd 2bath rentals and $2,200 for 1bd 1 bath new/ higher end units with parking.


Development will join an architecturally scenic community landscape in Downtown Newark comprised of Arts High School, St. Benedict's Prep, and The Newark Abbey.

Project Highlights

  • 3rd new construction project from the redeveloper.

  • Sponsor and general contractor are black owned firms.

  • Opportunity for local and minority vendors, tradesmen and women.

  • Creating long term permanent jobs.

  • 10x increase in tax revenue to the city of Newark.  

  • Approved Tax Abatement (Term: 18 Years)

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