Museum Parc, a mixed-use project to create a campus around The Newark Museum of Art, will include 250 new apartments and commercial space, a 4,000-square-foot, a glass-enclosed art and programming facility, an outdoor sculpture park, two large-scale murals and green space. — Courtesy: Newark Museum/LMXD
By Joshua Burd
Construction is underway on a project that will expand the footprint of The Newark Museum of Art, infusing the property with new mixed-income housing and public and exhibitions spaces.
The museum, along with developers LMXD and MCI Collective, joined public officials this week to break ground along Central Avenue between Washington Street and University Avenue. The area is now set to be transformed by 2027 — better connecting the institution to the neighborhood — with plans calling for 250 apartments, ground-floor retail space and other amenities across two buildings that will make up what’s known as Museum Parc.
“The Newark Museum of Art’s Museum Parc project is a typically bold and exciting move by one of our state’s greatest cultural institutions,” Newark Mayor Ras J. Baraka said. “By integrating so many elements of city living with vibrance and finesse, it elevates our downtown lifestyle to an art form and inspires us to embrace beauty and truth in all we do. I congratulate The Newark Museum of Art for its vision and commitment to our city’s growth as both a powerful economic force and national center for culture.”
The developers say the $94 million project includes a six-story building at the corner of Central Avenue and Washington Street, the current home of Horizon Plaza, with 90 apartments and amenities such as a fitness center, coworking space and a bicycle room. It’s also slated to include new museum spaces such as a 4,000-square-foot, glass-enclosed art and programming facility at street level, along with an outdoor sculpture park, two large-scale murals and green space.
The second building, which will rise 12 stories at the northeast corner of Central and University avenues, will have another 160 apartments and amenities such as a game room, a lounge and speakeasy, as well as a 3,000-square-foot roof terrace accessed through the garden room and commercial kitchen area, according to a news release. The building will also include 2,300 square feet of ground-floor retail space.
“It was a pleasure to be a part of the groundbreaking ceremony of Museum Parc here in Newark!” U.S. Rep. LaMonica McIver said. “The Newark Museum is a gem in our city, and the Museum Parc will be a transformational addition to the campus, combining retail space, mixed-income housing and more diverse art into one mixed-use space. I am confident that Museum Parc will be a long-lasting legendary project that generations after generations will be able to enjoy! I look forward to the grand opening of Museum Parc.”
Twenty percent of the 250 apartments will be income-restricted, with 45 units priced for households earning 50 percent of the area median income and the remaining five reserved for those earning 30 percent of AMI.
“Museum Parc will reinvigorate our downtown block with residential spaces and contribute to the vitality of downtown Newark’s Art District as a whole,” said Linda C Harrison, director and CEO of The Newark Museum of Art. “Inside our walls, The Newark Museum of Art is home to an enviable collection of art, and Museum Parc will serve as a catalyst for a vibrant, external expression of sharing and accessibility with the community in which we serve.”
Jake Pine, managing director at LMXD, added: “This exciting project will bring much-needed, high-quality mixed income homes to the vibrant heart of downtown Newark, sparking even more creativity and energy in the community. We’re thrilled to be part of Newark’s revitalization journey, fostering a stronger, more connected neighborhood. We’re grateful to our elected officials and public and private partners for making this milestone possible.”
The development team is funding the project through public and private financing sources, including a $62 million construction loan from Merchants Bank, $58 million in Freddie Mac future permanent financing provided by Merchants Capital, $15 million in Low-Income Housing Tax Credits through Red Stone Equity and $17 million in common equity provided by MSquared, LMXD and MCI Collective, the news release said. Additional financing came from the City of Newark and Low-Income Housing Tax Credits issued by the New Jersey Housing and Mortgage Finance Agency.
“Museum Parc is a testament to the strength and creativity of the Newark ecosystem and how we can reimagine our anchor cultural institutions, like Newark Museum,” said Siree Morris, owner of MCI Collective.
The museum announced in late 2021 that it had tapped LMXD to spearhead the mixed-use project, seeking to create a walkable destination around its Washington Street location. Stakeholders also said the plan will enhance the public’s visibility of the museum and create a direct entryway to areas that are currently confusing and cumbersome to reach.
Other project partners and attendees at the Feb. 19 groundbreaking shared their thoughts on the milestone:
State Senate Majority Leader M. Teresa Ruiz: “Museum Parc is a visionary project that will continue to revitalize our downtown into a living, breathing work of art. By creatively mixing residential, retail, and outdoor museum space, we are enhancing our city’s cultural landscape, bringing new life to Newark’s Art District that will serve residents and visitors for generations to come.”
Alicia Glen, founder and managing principal of MSquared: “Museum Parc is a transformative development that will reinvigorate downtown Newark, bringing mixed-income housing, retail and gallery space for the Newark Museum of Art all to one central location. This is exactly the type of project needed to support a growing, diverse population and breathe new life into the heart of the city. We’re proud to invest in Museum Parc and look forward to work getting underway.”
Michael Milazzo, senior vice president of originations at Merchants Capital: “By arranging critical components in the capital stack within Merchants, we were able to execute in a condensed timeline and better support the development of Museum Parc. We are proud to support this innovative effort to infuse additional affordable housing units in New Jersey.”
LMXD, MCI and Newark Museum secure $94 million in financing for arts campus project
