Shorewood Real Estate Group and Bridge Investment Group are eying an early 2025 completion date for an $88 million project that would bring 280 mixed-income apartments and retail space to a piece of the historic Ballantine Brewery property in Newark. — Courtesy: Shorewood
By Joshua Burd
A development team has unveiled its plan to bring 280 mixed-income apartments and retail space to a piece of the historic Ballantine Brewery property in Newark.
The project’s partners, Shorewood Real Estate Group and Bridge Investment Group, say demolition is slated to begin this summer to make way for the new six-story property at 80 Freeman St., in the city’s Ironbound section. They expect to complete the $88 million development in early 2025.
“We are excited about this significant project which will create nearly 300 jobs for New Jersey-based subcontractors,” said Larry Davis, CEO and president of Shorewood Real Estate Group. “Once completed, this development will help infuse new life into the neighborhood with a variety of apartments and shopping opportunities. This was a historic location in Newark, and our goal is to make it a destination once more.”
In a news release Tuesday, the developers said their plans call for on-site affordable housing, 2,600 square feet of retail space and 125 below-grade parking spaces, revitalizing part of the complex owned and operated by P. Ballantine & Sons through 1972. The residential portion will comprise one-, two- and three-bedroom units at market rate and affordable units for renters earning 40 to 80 percent of the area median income.
The project will also coincide with an additional contribution to Newark’s affordable housing trust fund, while complying with the city’s Affirmative Action Plan for Construction. March Associates Construction is the development’s construction manager, while Minno & Wasko Architects and Planners is its designer.
“Bridge is pleased to support the redevelopment of the symbolic Ballantine Brewery,” said David Coelho, chief investment officer at Bridge Investment Group. “The Ironbound section of Newark, NJ has long been a staple in the community. The new Ballantine Brewery building will be an exciting enhancement for the neighborhood.”
