The Lofts at Lincoln Park — Courtesy: Newark Press Office
By Joshua Burd
A developer has completed a new 18-unit condominium project in Newark, joining city officials on Thursday to open the doors to the building.
Mid Atlantic Alliance LLC hosted a ribbon-cutting ceremony to unveil what’s known as the Lofts at Lincoln Park, which sits at 90-96 Clinton Ave. in the city’s East Ward. The 55,000-square-foot, four-story building includes two-bedroom and three-bedroom layouts, with amenities such as a lounge, fitness center, outdoor green space and others.
In a news release, Mayor Ras Baraka praised the project as “another exciting moment in our efforts to build a stronger and more prosperous Newark,” one that will attract continued development. He also highlighted the fact that both the developer and the contractor, Homeworks Construction and Maintenance, are minority- and black-owned enterprises.
“(They) are manifesting the business leadership we want to see in our city, state and nation,” Baraka said. “The projects they create are more than steel and concrete — they are inspirations to future generations of minority youth, who will stand on their moral foundations to reach greater heights.”
Mid Atlantic’s principals are Hassan Keith, Victor Baker, Michael Bunton and Mike Adams. As they unveiled the Lofts at Lincoln Park, a $7 million project, they seemed bullish on Newark’s future and hinted that there is more to come.
“I am from Paterson, but I am welcomed with open arms in the Newark community,” Baker said. “Mid Atlantic will continue to play a significant role as there is so much work to do as we strive to build up our communities.”
The development was funded in part by a $3.6 million loan from Savoy Bank, $600,000 from motor vehicle tax funding, $300,000 from Newark’s Economic and Housing Development Corp. Funding. The balance comes from additional redevelopment grants and the developer’s equity.
More than 90 percent of the units were under contract at the time of Thursday’s ceremony.
“I’ve completed quite a few high end transactions in Sag Harbor, as well as Fort Greene located in Downtown Brooklyn,” Bunton said. “But being an instrumental part of bringing this project to fruition ranks up there with my most rewarding experiences.”