Apartment and townhouse project to come to Newark arts center

  • 2024-03-02
L+M Development Partners will be constructing 15 town homes and 335 apartments at the New Jersey Performing Arts Center (NJPAC) in Newark.

As the cost of the project will be over $250 million, the City Council has approved a reduction in taxes for the developer over the next 30 years, and authorized $500,000 in redevelopment-area bonds.

Deputy Mayor Allison Ladd said that these bonds will help fund the building of a street through the NJPAC that will serve as a connector within the community.

The development will include 67 affordable housing rental units as part of the 225 apartment units. There will also be three affordable town homes as part of the project. The availability of such affordable housing can be made known throughout the community with flyer printing.

The project is also part of the Aspire Program of the New Jersey Economic Development Authority (NJEDA), which will also contribute close to $200 million towards the development.

Tim Sullivan, Chief Executive Office of the New Jersey Economic Development Authority, said that the project will expand the positive impact of NJPAC on the community of Newark, as it will provide a dynamic place that will be home for those looking for a lifestyle that is arts-centric and accessible to public transportation. It will also be a lively destination for visitors.