The next development from the URBY brand, debuting in New Jersey, will soon be laying the groundwork in Downtown Newark. Under the leadership of developer L + M Partners, Newark URBY will eventually feature 250 standard residences, ranging from studios and three-bedroom apartments to 4,000 square feet of retail space on the ground floor.
L + M, located at 155 Washington Street, acquired the property from Rutgers University’s Newark campus in June 2019. The existing 18-story tower and podium structure will be renovated and used for commercial purposes to accommodate the multi-family project. The renovated facade will feature a mix of light brown cement materials and large floor-to-ceiling windows.
“L + M is proud to invest again in the future of Downtown Newark and to expand our long-term commitment to ongoing revitalization,” said Sam Chapin, Senior Director at L + M Development Partners. “Newark URBY will bring life to a long-unused property in the middle of downtown through the URBY brand of world-class residences and amenities, community retail and common space.”
Living facilities include an outdoor rooftop terrace, a courtyard on the ground floor, a fitness center, several lounge areas, and a music room. Prospective Newark URBY residents will also have direct access to NJ Transit via Broad Street Station and Newark Penn Station, with services from Amtrak, PATH and NJ Transit Rail.
“Newark’s thriving, cultural hub is a perfect fit for URBY as we focus on bringing community and new perspectives to retail and housing,” said Dave Barry, CEO of URBY. “Newark URBY will celebrate the city’s design history with this renovated tower, connecting the building to the energy of Rutgers University and the movement of New Jersey and New York City via convenient public transportation.”
To complete the project, URBY and L + M have successfully closed $ 61.5 million in construction finance. Total construction costs are estimated at $ 91.5 million.
The construction work is expected to be completed in spring 2022. The project is the fifth URBY development overall and combines existing projects in New Jersey, Harrison and Jersey City, as well as Staten Island, New York and Stamford, CT.
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155 Washington Street L + M Development L + M Partner Mixed Use New Jersey Newark Newark URBY Residential Real Estate Retail