A development team plans to gut-renovate and repurpose the former St. James Hospital property at 155 Jefferson St. in Newark, creating the new School of Architecture and Interior Design, as depicted in this rendering. — Courtesy: Progress Capital
By Joshua Burd
A development team has landed nearly $55 million in financing to build out a new design-focused high school at the site of a long-shuttered hospital in Newark.
According to Progress Capital, which sourced the debt, plans at 155 Jefferson St. call for a full gut renovation and addition to the former St. James Hospital property, which has sat vacant for some 15 years. When complete, the site will be home to the School of Architecture and Interior Design and part of the city’s public school system, providing courses in architecture, computer-aided design and construction technology, while allowing students to opt for traditional trade programs in areas such as plumbing, electrical and HVAC.
Progress Capital’s David May and Evan Boles secured the $54.5 million construction loan with an undisclosed lender. In announcing the deal, they noted that the property is in the city’s Ironbound section, within walking distance of four academic institutions and a half-mile from Newark Penn Station, while minutes from the neighborhood’s host of shops and restaurants.
