Mayor Ras J. Baraka and Councilwoman Gayle Chaneyfield-Jenkins joined executives of Lincoln Park Urban Renewal, LLC this morning to break ground for the Lofts at Lincoln Park, at 90 Clinton Avenue in the City’s Central Ward. The project is being developed by Lincoln Park Urban Renewal, LLC, formally known as The Mid-Atlantic Investment Alliance, and the managing partners are Victor Baker and Hassan Keith.
The Lofts at Lincoln Park will be a four-story, 24-unit residential building, consisting of two- and three-bedroom condominiums, and over ground-level parking. The building will have bicycle storage within the garage and two community rooms. A 15 Year Tax Abatement application is being filed for the building which would fix taxes at an annual expense of approximately $800. Units will be priced from $152,000 on a first come first serve basis. Down-payment assistance is available for qualified borrowers. Own for a monthly payment of approximately $1100. Monthly calculation includes Principal, Interest, Taxes, Insurance, and Association Fees. Mass Transit available in the immediate vicinity of the buildings main entrance.
I spoke with Hassan Keith, CEO of Lincoln Park Urban Renewal, LLC and he said, “These projects are important for one, because it helps to clean up longstanding blight in our neighborhoods. We see a lot of real estate development going on in the downtown area, which is a core redevelopment; we need downtown development. But you don’t see the community’s involvement in that development. The qualifications are hard. Getting bonded for a large project is hard. It wasn’t easy for us to get bonded for this project. But you know, you have to crawl before you walk, and we’ve been crawling for a while, so now it’s time for us to get up and start running.”
Jeffrey Montgomery, Chief Operating Officer of Lincoln Park Urban Renewal, LLC told me, “This project brings the rebuilding of Newark directly to the community. The transportation hubs of Newark Penn Station, the Newark Liberty International Airport, as well as buses and trains are all within a close distance, and this is affordable housing within that area. We’re really trying to give opportunities to Newarkers, to those interested in moving to Newark and help with the rebuilding, and I just think we’re in a good place and it’s the perfect time.”
