Indigo Residence at 810 Broad St. in Newark — Courtesy: Baldwin Equities
By Joshua Burd
Renters are getting their first look at new micro-apartments in Newark as part of a project that has converted a historic bank and hotel property in the heart of the city’s downtown.
Baldwin Equities, the developer behind the retrofit, announced Tuesday that preleasing is underway at what’s known as Indigo Residence at 810 Broad St. The building is hitting the market two years after the firm acquired what was the Hotel Indigo, which operated inside the former First National State Bank building, with plans to create 100 furnished, luxury micro-units with Murphy beds, modern kitchenettes and 65-inch smart TVs, among other features.
Twenty percent of the rentals will be reserved as affordable housing, according to a news release. Indigo Residence will also have amenities such as a rooftop with views of the Manhattan skyline, an incubator business hub and an upscale soul food-inspired restaurant, Delta’s Southern Cuisine & Cocktails, which is slated to open in September.
“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,” said Avi Benamu, managing partner of Winchester Equities, which partnered with Summit Assets to create Baldwin Equities. “We are excited to be part of the revitalization of this great city by bringing modern residences and top-tier amenities to the area.”
The developer provided the update on Indigo Residence alongside details about several other completed and ongoing projects in Newark. Another residential property, The Distrikt, is slated to open by year-end at the site of a former office building at 303 Washington St., with plans calling for with 92 units with 12-foot ceiling heights and amenities such as a screening room, a spa, a self-checkout mini-market and indoor and outdoor rooftop spaces.
At 1033 Broad St., Baldwin partnered with the nonprofit Lincoln Park Coast Cultural District to breathe revive the former South Park Calvary Presbyterian Church, which has sat vacant for decades until it was conveyed to the organization nearly 20 years ago, the news release said. The firm noted that the 80,000-square-foot, mixed-use property will include more than 60 apartments for young professionals and artists and office space for LPCCD, as well as an outdoor terrace, a rooftop and a speakeasy to continue revitalizing the Lincoln Park area.
Baldwin recently applied for city planning approval in conjunction with LPCCD, the firm said. Pending approvals, the scheduled completion date is 2026.
The projects, which will each reserve 20 percent of their units for lower-income renters, follow Baldwin’s recent completion of a 103,000-square-foot, mixed-use development at 43-53 William St. Known as The William, the property has 63 luxury homes with amenities and more than 14,000 square feet of rental space that is occupied by one of the nation’s fastest-growing childcare centers, The Learning Experience.
Micro-apartments coming to Newark, as concept expands in New Jersey cities
