This isn’t downtown development. This isn’t “not for us” development. This is different. Newark’s newest residential development “Rise Living” is a collaboration between Life Assets Development, Gonsosa, and the BlueSugar Corporation, which was co-founded by Newark native, Dana Owens, aka Queen Latifah. The company founders along with city and state dignitaries were present to celebrate the groundbreaking of this new project, which compliments the city-wide initiative to revitalize the face of Newark and provide beautiful modern housing to its residents.
Work has already begun on the site at 650 Springfield Avenue in January of 2022. The groundbreaking ceremony initiated the next phase of work on the site, leading to an eventual 76 units as well as 1,900 square feet of ground-floor space for non-profit organizations. Pre-leasing is expected to commence in July of 2022.
The development is looking toward the future of Newark and will transform several properties along 19th Avenue, South 16th Street, and South 17th Street into modern housing and mixed-use spaces. The buildings will include a fitness center, business center, charging stations forElectric Vehicles, and ground floor parking spaces. 16 units will be classified as affordable housing, and market-rate rents are set to start at $1800. Modern amenities will include touchless entry and free wifi in all common areas, online portals for maintenance and rent payment, washers and dryers in units, hardwood floors, green roofs in selected units, air conditioning, stainless steel appliances, and more. Not for nothing, these are amenities that some of the downtown new developments don’t offer.
“We are thrilled to have secured such an ideally-located property with BlueSugar Corp, and we appreciate the confidence that The City of Newark has placed in us,” said Alberto Goncalves, CEO of Life Assets Development. “We believe Rise Living will be a complementary addition to the City’s multi-billion dollar revitalization plan, and we look forward to creating a community of value that taps into the neighborhood’s full potential.”
Rise Living’s location makes it easy to walk downtown as well as provides convenient access to restaurants, grocery stores, transportation options, and entertainment venues such as the Newark Museum, Prudential Center, and NJPAC. Green space is conveniently available nearby in West Side Park.
