90 CLINTON AVE, NEWARK, NJ
The Lofts at Lincoln Park
55,000 sq. ft. ground-up new construction condominium completed in 2018 – achieving 100% sales before construction completion. The 24-unit building contained 4,500 square feet of outdoor space, a spacious and well-equipped gym and 1 deeded parking space for each unit.
As both Sponsor & General Contractor Mid-Atlantic and it’s affiliate entity Homeworks Construction and Maintenance are in direct control of providing jobs to African American and minority tradesmen and women. Masons, electricians, roofers, steel fabricators & installers, demo & debris removal and cleaning crews were amongst the list of minority awarded contracts.
Minority real estate brokers have benefited directly from the opportunity to participate in the lease up or sale of the end-use inventory of these projects, which is typically an access point that is non-existent for minority brokers.
Lofts Transformation of Longstanding Urban Blight:
The New Jersey Housing Mortgage Finance Agency reported that the project delivered a positive economic impact on New Jersey's greater Essex County Community estimating the project generated:
~$8.2M in one-time economic output
~49 direct and indirect/induced full-time jobs
$301K in state & local taxes during construction
After completion, the project continues to add value to the community by providing:
~$919,000 in ongoing output
5 direct & indirect/induced full-time jobs annually
$52K in state and local taxes