Shorewood Real Estate Group and its partner, Bridge Investment Group, welcomed Newark city officials on Jan. 15 to open the new 280-unit apartment property known as The Ballantine at 80 Freeman St.
By Joshua Burd
Shorewood Real Estate Group has unveiled a collection of 280 apartments in Newark’s Ironbound section, bringing a new use to the once-iconic Ballantine Brewery site and setting the stage for additional projects in the historically industrial neighborhood.
The firm, which partnered with Bridge Investment Group, joined city officials on Wednesday to open the property after the $88 million redevelopment at 80 Freeman St. Known as The Ballantine, the six-story building is slated to hit the market next month, as the developer looks to lure renters with its upscale amenities, accessibility and proximity to the Ironbound’s vast cultural and culinary scene.
The complex also pays homage to the Ballantine Brewery, which was founded in 1840 and operated at the site until 1972.
“The Ballantine marks an important chapter in Newark’s growth, thoughtfully integrating the site’s historic significance with a modern vision for the Ironbound’s northern edge,” said Larry Davis, CEO of Shorewood Real Estate Group. “As our inaugural project in Newark, we saw an opportunity to revitalize a once-prominent but underutilized property into an extension of the neighborhood, providing residents with a contemporary living experience rooted in local character.”
SLIDESHOW: The Ballantine
Renderings courtesy: Shorewood Real Estate Group
Davis on Wednesday noted that Shorewood acquired the site in 2019 with a vision of transforming the neighborhood. The Manhattan-based firm has followed through with the help of the federal Opportunity Zone program, which provides tax benefits to encourage long-term investments in underserved areas, delivering the new rental property with affordable housing and plans for a second phase next door.
The developer also thanked the “army of people” that helped complete The Ballantine, including Minno & Wasko Architects and Planners and landscape architects Melillo Bauer Carman, as well as Langan and Santander Bank. He also gave a special mention to March Associates Construction, the project’s construction manager, noting that “Lou March and his team have done an incredible job here, building something on time, on budget.”
City officials were equally crucial, he said, adding that “this truly is a public-private partnership and shows you that, when people work together, great things can happen.” They included Allison Ladd, Newark’s deputy mayor for economic and housing development, who was on hand for Wednesday’s ribbon-cutting ceremony and praised Davis for aligning with the city’s own public policy goals.
“One of the primary things we said when we met was that it needs to have affordable housing,” Ladd said. “And I’m really proud to say that, ever since that first meeting, up until now when you’re open, you really kept to your commitment and your guarantee that we would have affordable housing here on this beautiful site. So thank you for keeping your commitment and having us do this equitable development.”
Shorewood could welcome its first residents as soon as March to the collection of studio, one-bedroom and two-bedroom homes, where monthly rents for market-rate units start from the $2,000s. Tenants will have access to amenities such as a rooftop deck with lounge areas, a courtyard with grilling and dining spaces, a fitness center, a yoga studio, a game room with a multisport simulator and coworking areas, among others.
The development also has 2,600 square feet of retail space and on-site parking for residents, while its location is minutes from a host of Portuguese, Brazilian and Spanish restaurants, boutique shops and parks within the vibrant East Ward.
“Newark’s Ironbound is known for its vitality, diversity, and distinct character,” said Jacqueline Urgo, president of The Marketing Directors, the property’s marketing and leasing agent. “The Ballantine adds a fresh dimension to this unique neighborhood, offering modern living options that align with its dynamic appeal.”
It marks a new chapter for the site where P. Ballantine & Sons produced millions of barrels annually, becoming a major economic driver for the city and employing thousands until the brewery ceased operations, as Shorewood noted on Wednesday. It pays homage to that heritage through the building’s branding, curated artwork and design elements in the amenity spaces, while the developer obtained the rights from owner Pabst Blue Ribbon to use the Ballantine name.
Davis, meantime, expects to seek approvals for the project’s next phase, which would bring another roughly 400 apartments and a 50,000-square-foot grocery store to an adjacent site. Other developers are also expressing interest in the neighborhood, according to East Ward Councilman Michael Silva, now that Shorewood’s project is up and running.
“What Larry has done has opened up the doors to a lot of people that were skeptical about this area of the Ironbound,” said Silva, a native of the neighborhood. “Now I get inundated with phone calls, I’m sitting down with developers that, because of what Larry has done here, want to develop in this area.
“This is the beginning of something great,” he said, adding: “You’ve got to get people to believe in the city, to believe that the money being spent here is worthwhile, and he deserves a lot of the credit.”
New housing, retail coming to Newark under $88 million plan at Ballantine Brewery site