Renters have flocked to one of Newark’s latest and most distinctive apartment buildings, having leased more than 50 percent of the units at a converted historic office tower on Broad Street.
With renters flocking to Walker House’s 264 apartments and commitments from a host of retailers, L+M Development Partners is keenly focused on the third piece of its formula. The New York-based developer, alongside brokers with JLL, has stepped up efforts to market more than 50,000 square feet of available office space at the building, touting the promise of downtown Newark’s resurgence and a workplace that is like few others in New Jersey.
A newly opened, 264-unit apartment building in downtown Newark is set to welcome a craft brewery and tap house to its commercial offerings.
A redevelopment near the Orange train station is set to welcome a craft brewery as its latest retail tenant, marking a milestone for a municipality with deep roots in the beer industry.
A new stock of luxury, market-rate apartments is beginning to take shape in downtown Newark, where stakeholders hope to attract the type of rental population that can create a 24-hour, seven-day neighborhood that has long eluded the central business district.
Developers say they’re encouraged by the early returns, but are preparing for the market to be tested by larger-scale projects and an influx of additional units. City officials are also preparing for what could be a dramatic uptick in interest from builders — which they will have to balance with public policy goals such as expanding affordable housing for Newark residents.
Newark’s first rock climbing gym is set to open early next year, bringing a new amenity to the city and to a historic tower that is now home to more than 260 apartments.
Newark’s dedicated blue-chip employers and anchor institutions have virtually all expanded or made commitments to grow, leading to billions of dollars’ worth of new commercial development. It’s a major reason why developers believe the time is right to, once and for all, bring new market-rate apartments to Newark’s central business district.
L+M Development Partners and Prudential Financial have secured financing to preserve and renovate a government-subsidized housing complex in Newark’s South Ward.
An investment group has largely completed its conversion of the former New Jersey Bell tower in Newark, marking the restoration of a historic landmark and the addition of new market-rate and affordable housing options to the city’s downtown.