Construction is underway on a new single-family home at 113 Ridgewood Ave. in Newark that will mark the first residential project under the Newark Land Bank program. — Courtesy: Invest Newark
By Joshua Burd
A developer has broken ground on a new home in Newark as part of the city’s pioneering land bank program that leverages blighted properties to help expand housing opportunities.
According to Invest Newark, the city’s economic development agency, Three Brothers Construction is building the three-story, four-bedroom dwelling at 113 Ridgewood Ave. Both organizations were among those on hand earlier this week to mark the first of what will be seven new homes across Newark by 2026, as the city ramps up the Newark Land Bank program that launched in 2019.
“This is a turning point for our city in its continual, consistent commitment to create affordable housing for our community,” Mayor Ras Baraka said. “Our goal is enormous but, as we witness today, it will be met — one space, one family, one contractor at a time. In a few months, someone will receive the key to their new home here — but the real key to this dream is our collaboration with partners and the vision we share. This home will stand as symbol of Newark’s incredible spirit of strength and resilience.”
Officials noted that, as the first land bank in New Jersey, the Newark program is dedicated to acquiring, managing and redeveloping vacant, abandoned and tax-delinquent properties across the city. Its mission is to reduce blight, expand homeownership and support sustainable development.
The new home on Ridgewood Avenue will be sold to a buyer who makes 80 percent or less of the area median income.
“Transforming a vacant lot into a beautiful home for a family is a powerful example of how we turn vision into action,” Invest Newark CEO and President Marcus Randolph said. “I’d like to thank Mayor Baraka for his continued support of Newark Land Bank’s mission — it’s this very support that got us here today.”
To date, the Newark Land Bank has sold 76 properties throughout Newark’s five wards, including eight through the Housing Choice Voucher Conversion Program, according to a news release.
“Three Brothers Construction represents everything we want to see more of in Newark,” said Gregory Good, Invest Newark’s chief real estate development officer and director of asset management. “They are local, they care about this community and they are helping lead the charge in building a stronger future for Newark residents.”
Gilbert Gomez, owner of Three Brothers Construction, added: “This project isn’t just an opportunity for our company, it is a win for the whole community. We’re proud to help build something that will make a real difference for Newark families. We believe in this city and what we can achieve together as a community.”
In addition to 113 Ridgewood Ave., the Newark Land Bank plans to break ground on new homes at 29-31 Winans Ave., 296 South 7th St., 298 South 7th St., 63 Montgomery Ave., 299 Chadwick Ave. and 59 Millington Ave., the news release said. All seven projects will be single-family residences intended to support long-term homeownership in Newark.
