Newark Mayor Ras Baraka joined Mid Atlantic Alliance LLC executives Thursday to cut the ribbon on the Lofts at Lincoln Park in the city’s East Ward.
The 55,000-square foot, four-story building was developed by Mid Atlantic and built by local MBE contractor Homeworks Construction and Maintenance.
Both the developer and the contractor are MBEs (Minority and Black-owned Enterprises).
More than 90 percent of the residences are currently under contract.
“This is another exciting moment in our efforts to build a stronger and more prosperous Newark,” Baraka said. “It brings more and more economic power to our city, enhances our luster as a destination to live, work and play and inspires other developers to join in the transformation of Newark.”
The $7 million development project was funded in part by a $3.6 million loan from Savoy Bank, $600,000 from Motor Vehicle Tax Funding and $300,000 from Newark’s Economic and Housing Development Corporation Funding, with the balance made up by additional redevelopment grants and the developers’ equity.