Fairstead, LIHC Investment Partner on Mixed-Income Development Proposal for Newark
Fairstead and LIHC Investment Group announced a new ground-up development proposal for a mixed-income building at Essex Plaza in Newark. The six-story, 365,000-square-foot proposed development would consist of 241 rental apartments, ground-floor commercial and amenity space, and underground parking.
The development would be built as part of New Jersey’s Clean Energy Program, taking a whole-building approach to saving energy with a tailored energy reduction plan to promote efficiency and sustainability.
“To support the future of our cities, we need a variety of housing options serving affordable, workforce, and market-rate renters. Having a sustainable place to live is the foundation everyone needs to work in and give back to their communities,”said Brett Meringoff, Managing Partner, Development, at Fairstead.
“Fairstead and LIHC are preserving and revitalizing the existing housing stock at Essex Plaza and proposing a new vision for additional housing at the site to further our investment in and partnership with the Newark community.”
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