Real estate developer Baldwin Equities is investing in Newark’s ongoing revitalization through a large-scale, innovative, mixed-use portfolio that consists of four unique properties across New Jersey’s largest city.
The real estate firm Tuesday announced the latest updates regarding over 370,000 square feet of luxury residential apartments, including some with stunning views of downtown Newark and the Manhattan skyline. In addition, 20% of all Baldwin residential units will be affordable, adding 63 affordable housing units to Newark.
“Baldwin Equities is looking toward the future, and we see Newark as a vibrant city and transit hub in close proximity to New York City with unlimited potential,” Avi Benamu, managing partner of Winchester Equities, which partnered with Summit Assets to create Baldwin Equities, said. “We are excited to be part of the revitalization of this great city by bringing modern residences and top-tier amenities to the area.”
Four of the mixed-use properties in Baldwin Equities’ portfolio include:
- 43-53 William St./the William: This 103,000-square-foot, mixed-use development featuring 63 luxury rental units with state-of-the-art amenities and over 14,000 square feet of rental space that is occupied by one of the nation’s fastest growing child care centers, the Learning Experience. The project was completed in May 2022, is fully occupied and includes 20% affordable housing units.
- 810 Broad St./Indigo Residence: Baldwin purchased the former Hotel Indigo and historic bank building in early 2022, transforming the 90,000-square-foot building in the heart of downtown Newark into a luxury microapartment building with 100 premier furnished units, 20% of which will be affordable housing. Indigo Residence features a rooftop with stunning views of the Manhattan skyline, an incubator business hub, hotel-like amenities and an upscale Southern soul food-inspired restaurant, Delta’s Southern Cuisine & Cocktails. Delta’s recently received a nearly $3.5 million grant from the New Jersey Economic Development Authority for the renovation, which will include a restaurant and live music venue and rooftop lounge on the basement, first floor and rooftop of the building. The anticipated opening of Delta’s is in September. Indigo Residence is open for preleasing.
- 303 Washington St./the Distrikt: Baldwin is preserving and converting a former office building, 303 Washington St., into the Distrikt, a high-end, 100,000-square-foot residential building with 92 units featuring 12-foot ceilings and amenities like a screening room, a spa, a self-checkout minimarket and an indoor and outdoor rooftop. Baldwin has designated 20% of units as affordable housing. This project just received payment-in-lieu-of-taxes approval and is scheduled to open by the end of the year.
- 1033 Broad St.: An iconic Newark landmark, Baldwin partnered with local nonprofit Lincoln Park Coast Cultural District to breathe new life into the former South Park Calvary Presbyterian Church façade located in the heart of Newark’s Lincoln Park, which has sat vacant for over decades until conveyed to LPCCD nearly 20 years ago. The 80,000-square-foot, mixed-use development property will include over 60 rental apartments for young professionals and artists, 20% of which will be affordable housing. The property will also include office space for LPCCD, as well as an outdoor terrace, rooftop and speakeasy to continue revitalizing the Lincoln Park community. Jointly with LPCCD, Baldwin recently applied for city planning approval. Pending approvals, the scheduled completion date is 2026.
“Newark is a great place to live, work and play, and the development taking place in Lincoln Park along the southern corridor of the Arts and Education District is a great example of all that the city has to offer,” Anthony Smith, executive director of LPCCD, said. “We are excited to work with Baldwin Equities to expand safe, quality, affordable housing to continue increasing the quality of life in the area.”
