Last week, Newark officials joined local developers to cut the ribbon on the Lofts at Lincoln Park. The boutique condo project opened to much fanfare and marked a major milestone for the neighborhood.
Located in Newark’s Central Ward at 90 Clinton Avenue, Lofts At Lincoln Park is a 24-unit condominium building featuring only large two and three bedroom homes. The project was developed by Mid Atlantic Alliance LLC, constructed by Homeworks Construction and Maintenance, and designed by Inglese Architecture + Engineering.
Speaking at the event, Deputy Mayor Carmelo Garcia praised Mid Atlantic Alliance for taking a risk on the neighborhood. “This is one of the first pioneering condo developments along this historic artery of Newark,” said Garcia. As the first new development project in the area in decades, the viability of selling new condo units was uncertain. “There are no comps,” said Garcia.
The development group is also a model Garcia and the city would like to see more of, saying, “As Newark develops, it’s important that local stakeholders and residents share in the prosperity.”
Mid Atlantic Alliance is a certified Minority Business Enterprise that hires locally and wants to boost the local economy. According to Mid Atlantic Alliance, “Estimates indicate the project will generate approximately $8.2M in one-time economic output, approximately 49 direct and indirect/induced full-time jobs, and $301,000 in state and local taxes during construction.”
Carolina Panthers Safety Mike Adams, a New Jersey native and part of the development group, saw the project as a great way to use his career success to do good back home.
“As the first development in Newark in decades, this presented a really exciting opportunity, but also some uncertainty. We knew there was demand in the area and we knew Pure would be able to leverage this to sell out by grand opening. It’s something we’re really proud of,” said Megha Moza, an agent with Pure Properties, the firm that handled the sales and marketing for the building.
“Pure Properties was thrilled to be the exclusive broker for this brand-new condominium project in Newark,” said Zeke Ortiz, the brokerage’s Managing Director. “Lofts at Lincoln Park is the only active condo development in Newark currently, and with 40% of the homes sold by Pure agent, Megha Moza, prior to hitting the market, it’s a clear indicator of the surging demand for the Newark housing market. With the project, the Pure team has created an entirely new benchmark in price per sq. ft. sales in Newark.”
Walking through the neighborhood surrounding Lofts At Lincoln Park in the Central Ward is a walk through Newark’s rich history. Lincoln Park was one of the three original colonial commons, or squares, and the other two — Military Park and Washington Park — are not far. The Central Ward is also home to University Heights, The Coast/Lincoln Park, Government Center, Springfield/Belmont, and Seventh Avenue neighborhoods. The city recently announced an upcoming $1.3 million renovation of Lincoln Park itself.
