Mayor Ras J. Baraka, members of the Newark Municipal Council, Deputy Mayor of Economic and Housing Development Baye Adofo-Wilson, and RPM Development Group executives held a ribbon-cutting for the “60 Nevada” affordable housing complex and groundbreaking for the “999 Broad” mixed-use, mixed-income project at 60 Nevada Street, in Newark’s downtown.
60 Nevada has created a four-story $20.5 million, LEED Platinum structure, offering 75 residential units affordable to Newark families that earn 60 percent of Area Median income. It will consist of eight one-bedroom units, 48 two-bedroom units, and 19 three-bedroom units. Five of the units are reserved for homeless members of the community.
999 Broad, a LEED certified, $21 million project, will consist of 87 units, with 47 of them affordable, and 40 them market rate, and also provide 6,500 square feet of ground floor retail on Broad Street.
Both buildings will have high-efficiency heating, cooling, and lighting fixtures, green garden terraces, secure, on-site parking, laundry facilities, and social services administered by an on-site coordinator.
The City of Newark provided important gap financing from its HOME program to both “60 Nevada” and “999 Broad.” Additional financing for “60 Nevada” was provided by the New Jersey Housing & Mortgage Finance Agency, The Richman Group, and Capital One.
