The North Park Place project in Newark, a $1.5 million endeavor, has been given tax credits in the amount of $250,000.
The credits are for the project's efforts at historic preservation. The development is a mixed-use project which will feature both housing and business, and is located on the upper floors of an historic building at 14-16 North Park Place.
John and Sarah Wallace, and Teri and Fred Lowinger are partners in the project and owners of the building, which was once owned by Teri Lowinger's grandfather. Lowinger, a Newark native, wants to restore her grandfather's building, the upper floors of which have been sitting empty for decades.
Current plans call for three one-bedroom lofts to be created in the space, with a business incubator on another floor. Business incubators offer resources to companies that are just getting started, providing office spaces, supplies, and most importantly, advice. The project is above Matilda Charlotte Antiques, which is on the first floor.
Sarah said the tax credits will make it possible to go ahead with renovating older buildings. She added that her motivation is to help Newark keep moving forward, but without sacrificing the past. Construction is slated to begin in the summer, 2016, and finish by August of next year.
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