Newark Urby. Image courtesy of L + M Development Partners
L + M Development Partners has another project to revitalize a building in downtown Newark and has partnered with Urby to create a mixed-use development in an opportunity zone in Newark, NJ.
The partnership will develop Newark Urby at 155 Washington St. in downtown Newark. This project involves the renovation of an existing 18-story tower that was built as a parking garage in the 1920s. The existing building in will be supplemented by a new four-story building comprising a total of 250 standard market units, ranging from studios to floor plans with three bedrooms. The building’s amenities include a roof terrace, a courtyard on the ground floor, a gym, a music room and lounge areas.
Construction on Newark Urby has recently started and is expected to be completed in the spring of 2022. The $ 91.5 million project was funded by a $ 61.5 million home loan from Wells Fargo, subordinated debt, and $ 20 million in Opportunity Zone equity raised and deployed by L + M and Urby . L + M acquired the property for the first time in June 2019 from Rutgers University-Newark with the aim of expanding it into a mixed-use project with residential and commercial space. Sam Chapin, Senior Director at L + M, said in prepared comments that the site has not been busy for a long time.
Newark Urby will be the company’s third location in New Jersey, following developments in Harrison and Jersey City that opened in 2017. Urby also has two other properties in New York’s Staten Island and Stamford, Conn.
“Urby was a natural fit for this project – they have a proven record of delivering high quality apartments with an emphasis on innovative design and community here in New Jersey,” an L + M spokesperson told Multi-Housing News. “In addition, they have developed a brand that is popular with today’s tenants by always creating a clear sense of location and strong neighborhood connections.”
PARTICIPATION IN NEWARKS REVITALIZATION
Chapin also said in his prepared statement that Newark Urby was L + M’s newest venture in terms of its long-term investment in downtown Newark and its ongoing revitalization. In the past few years, L + M has completed two adaptive reuse projects in Newark that are close to the newest project.
In 2019, L + M completed the restoration of the historic NJ Bell home at 540 Broad Street into a mixed-use property of 264 mixed-income units, offices and retail outlets on the ground floor. The renovated property has already been leased by Method Climbing and Newark Local Beer. A few years earlier, L + M also converted the former Hahne and Co. flagship department store into another mixed-use development with mixed income with 160 units and retail space.