Washington St Coast Cultural Condominiums, at 462 Washington St. are the latest residential development in the Lincoln Park Arts and Cultural District. The development, rooted in of this historic neighborhood in Newark, offers modern amenities and meets cutting edge environmental standards.
The condominiums promise to be affordable and efficient, featuring recycled materials, low VOC paints, Energy Star appliances and fixtures, and wheat board cabinetry.
The project includes 18 new condominium units at 462-466 Washington Street (6 units) and 478-480 Washington Street (12 units). These units are built to Energy Star standards and provide high-quality affordable housing to a neighborhood transitioning quickly towards stability and revitalization.
Gayle Chaneyfield Jenkins, Central Ward Councilwoman spoke at the ribbon cutting. “This project’s inception was in 2004 when I previously served on the Newark Municipal Council. I am thrilled to see the early work that went into this project manifest itself in a beautiful structure. I view this development and the Lincoln Park Coast Cultural District as a link, a gateway if you will, between the Downtown Business District and South neighborhoods. It also represents a great collaboration between HMFA, HUD, LISC and the City of Newark,” she said.
“This project is one of the first new construction condominium projects built-in the city in quite some years. It will allow for both affordable and market rate buyers to become Newark Homeowners. New homeowners help anchor neighborhoods and enrich our great city.”
Lincoln Park–CAPC Urban Renewal, LLC—a newly created joint venture entity between Lincoln Park Coast Cultural District (LPCCD) and Community Asset Preservation Corporation (CAPC)—owns the land and oversaw the development of the condominiums. The total development costs to construct this project are $4.5M. The projected costs were paid through construction financing and a combination of grant sources that include City National Bank, Neighborhood Revitalization Tax Credits (NRTC), Newark HOME funds, and New Jersey Housing and Mortgage Finance Agency (NJHMFA) Choice Subsidy.