New York-based developer Regan Development Corporation and Newark Mayor Ras Baraka recently broke ground at Carrino Plaza Apartments on the former Boys & Girls Club site. The development, a 60-unit mixed-use project with 6,000 square feet of retail space, is set to provide affordable housing rentals for low- and middle-income families across six stories.
Located at 416-426 Broadway, Carrino Plaza will accommodate up to six individual retailers, according to Regan Development. 10 units at the complex will accommodate residents with mental health needs.
“This administration has made affordable housing a central pillar of its efforts to make Newark a stronger and more prosperous city for all of our residents,” Mayor Baraka said in a news release. “Our groundbreaking Affordable Housing Ordinance requires developers to set aside units as affordable housing, and developers are responding favorably to our legislation, seeing the moral and human value in creating such housing.”
“We are elated that Regan Development Corporation has signed on in full, with the Carrino Plaza Apartments, which will not only provide affordable housing, but 10 units for residents with mental health needs.”
The overall development is set to add over $23 million of new investment to the North Ward. Regan Development and Carrino Plaza were the recipients of a $10.5 million construction financing award by the New Jersey Housing and Mortgage Financing Agency (NJHMFA) and a $1 million Sandy Special Needs Housing Fund award.
NJHMFA also awarded the development four percent Low Income Housing Tax Credits, which are expected to generate $7.8 million in private equity. The New Jersey Economic Development Authority, City of Newark, U.S. Department of Housing and Urban Development, and Love Funding Corporation also awarded Carrino Apartments additional financing.
“Carrino Plaza will enhance the ongoing revitalization of Newark, while providing much needed affordable homes for families who are working in and around Newark and contributing to the city’s dynamism,” Lieutenant Governor and NJHMFA Chairwoman Sheila Oliver said in a news release. “Importantly, this development also continues our collective efforts to provide supportive housing for people with special needs.”
Rents at Carrino Plaza are set to start at $947.
The development will include a community room, laundry facilities, and an on-site manager’s office.
“Regan Development is very proud to help the city of Newark and the North Ward move forward on its redevelopment efforts with new affordable, workforce housing units for Newark and Essex County families,” Larry Regan, President of the Regan Development Corporation said in a news release. “We are proud to honor the long-term work of Anthony Carrino to make the North Ward and Newark a great place to live.”
According to NJHMFA, it has provided financing for over 1,500 new housing units in Newark this year alone.
The Regan Development Corporation has erected more than 20 other developments throughout New Jersey including Bayonne, Plainfield, and East Orange.
