NEWARK, NJ — A partnership between L+M Development Partners and the apartment development company Urby is set to make Newark the latest New Jersey location for Urby’s modern communities.
The $91 million mixed-use project at 155 Washington St. in Downtown Newark has already broken ground and is scheduled to bring 250 market-rate residences in spring 2022. More than 4,000 square feet of neighborhood retail, including a café. A 4,000-square foot Rutgers-Newark welcome center will complement the residences.
Future residents, who can choose from studios up to three bedrooms, can also look forward to a rooftop deck, ground floor courtyard, gym, lounge areas and a music room. Each Urby features a café as a lobby and outdoor green spaces for gardening and recreation.
“The thriving, cultural hub of Newark is a perfect match for Urby as we focus on bringing community and fresh perspectives to retail and residential development,” Dave Barry, CEO of Urby, said in a statement. “Newark Urby will celebrate the design history of the city with this renovated tower and connect the building to the energy of Rutgers University and the movement within NJ and to NYC via convenient public transit.”
The developers raised and deployed and more than $20 million in Opportunity Zone equity for the project.
L+ M acquired the property from Rutgers-Newark in 2019 with plans to turn it into mixed-used space with commercial and rental value. The development firm also restored the historic Hahne & Co. Building, turning it into one of downtown’s crown jewels featuring rental units, an arts and cultural center operated by Rutgers University-Newark, Newark’s first Whole Foods Market and a Marcus Samuelsson restaurant, Marcus B&P.
Newark is Urby’s third New Jersey location, with sites also in neighboring Jersey City and Harrison. The city has continued to drive forward a slew of development deals in 2020, passing approvals for mixed-used projects throughout its wards.
"L+M is proud to once again invest in Downtown Newark's future and further our long-term commitment to its ongoing revitalization," said Sam Chapin, Senior Director at L+M Development Partners. "Newark Urby will bring a long-underutilized lot in the middle of Downtown to life through the Urby brand with first-class residences and amenities, community retail and community space. Thanks to our partners at Wells Fargo for helping the project reach this crucial milestone.”