The currently vacant 13-story, 90,000-square-foot hotel at 810 Broad St. will be renovated into a 106-unit multifamily building with a 7,500-square-foot restaurant on the ground floor by Broad Street Ventures Urban Renewal, a subsidiary of Winchester Equities.
The microapartments, most of which will be 357 square feet, will be fully furnished — including a modern kitchenette and 65-inch smart TVs.
The property will have common area amenities such as a fitness center, a spa, laundry facilities on each floor, a coworking lounge, a party room, a café and the only rooftop bar in Newark with views of New York City.
The renovation, which currently is underway, aims to be completed by the end of the year. The work was made possible by a $21.5 million loan from Parkview Financial.
Once renovated, the property will include a unit mix of 98 microstudios, each totaling approximately 357 square feet, and eight one-bedroom units ranging between 664 square feet and 695 square feet. Twenty-two of the units are scheduled for low-income housing.
All of the apartments will come with high-end murphy bed solutions, shelving, storage areas, video conferencing technology and smart thermostats, among other upgrades.
Located across from the Prudential Center, the property provides excellent access to local transportation such as the PATH train to New York City and the New Jersey Transit train.
The property was built in 1912 as the headquarters of First National State Bank and was designed by Cass Gilbert, who also designed the U.S. Supreme Court building in Washington, D.C., and the Woolworth Building in New York City.
In 2014, the building underwent a $29 million hotel conversion renovation.
Winchester Equities recently completed a 63-unit luxury apartment building at 45-53 William St. (William House) and is currently underway on a 60,000-square-foot multifamily renovation at 303 Washington St.
Parkview Financial CEO and Founder Paul Rahimian said he was eager to work with Winchester Equities.
“Parkview saw this as a favorable opportunity to lend to an experienced developer and owner,” he said. “We believe that this strategically located asset will be attractive to college students and young professionals within this rapidly growing Essex County submarket.”