More housing — and more revitalization — is coming to Newark.
Tuesday morning, the Shorewood Real Estate Group announced an $88 million project on the former Ballantine Brewery site in the Ironbound — a six-story, midrise, mixed-use development that plans to offer 280 residential units (including affordable), 2,600 square feet of retail space and 125 parking spaces.
Construction on the project, which will be at 80 Freeman St., is expected to start this summer. The project is expected to be completed in the first quarter of 2025.
The new, mixed-income facility will offer one-, two- and three-bedroom units at market rate and affordable units for renters earning 40-80% of the area’s median income.
Shorewood CEO Larry Davis said the firm is doing the project in partnership with Bridge Investment Group. He said he is excited by the location — which housed the iconic brewery until it closed in 1972.
“Once completed, this development will help infuse new life into the neighborhood with a variety of apartments and shopping opportunities,” he said. “This was a historic location in Newark, and our goal is to make it a destination once more.”
David Coelho, chief investment officer at Bridge Investment Group, agreed.
“Bridge is pleased to support the redevelopment of the symbolic Ballantine Brewery. The Ironbound section of Newark has long been a staple in the community,” he said. “The new Ballantine Brewery building will be an exciting enhancement for the neighborhood.”
The project, which will comply with Newark’s Affirmative Action Plan for Construction, will include the demolition of part the old industrial complex to construct a modern and attractive development.
Davis said it will create nearly 300 jobs for New Jersey-based subcontractors.
