Fairstead, together with LIHC Investment Group, on Wednesday announced a new ground-up development proposal for a mixed-income building at Essex Plaza in Newark.
The proposed six-story, 365,000-square-foot development would consist of 241 residential apartments, ground-floor commercial and amenity space, and underground parking. The development would be built as part of New Jersey’s Clean Energy Program, taking a whole-building approach to saving energy with a tailored energy reduction plan to promote efficiency and sustainability.
Located at the site of the existing parking lot behind 1060 Broad St., on Orchard Street, between Camp and Pennington streets in Newark, 40% of the 241 units would be set aside as affordable housing for those making up to 60% of the Area Median Income ($64,400 for a household of four people). The apartments would be a mix of one-, two-, three- and four-bedroom homes.
The development would be constructed as part of New Jersey’s Clean Energy Program to minimize energy consumption, and is expected to achieve LEED Silver certification. The building would feature a range of amenities, including a resident lounge, in-unit laundry, fitness center, package room, bike room, rooftop green space and a doorman.
“To support the future of our cities, we need a variety of housing options serving affordable, workforce and market-rate renters. Having a sustainable place to live is the foundation everyone needs to work in and give back to their communities,” Brett Meringoff, managing partner, development, at Fairstead, said. “Fairstead and LIHC are preserving and revitalizing the existing housing stock at Essex Plaza and proposing a new vision for additional housing at the site to further our investment in and partnership with the Newark community.”
“The sheer depth of the affordable housing crisis requires that our industry use every available lever. We must build and also preserve, and we must achieve greater affordability for low-income families and seniors while providing options for renters who increasingly find themselves priced out of the middle market,” Andrew Gendron, principal, LIHC Investment Group, said. “Essex Plaza is a chance to do it all, holistically, while making huge strides toward a more green and sustainable Newark.”
