A building in Newark that originally served as a bank could be torn down so that a new development can be constructed.
The Mid-Atlantic Investment Alliance is planning to demolish the old Hamilton Building and Loan Association building at 535-541 Dr. Martin Luther King, Jr. Boulevard in the Central Ward. The company, which is best known for its recent Lofts at Lincoln Park project on nearby Clinton Avenue, is planning to build a 41-unit mixed-use complex called “The Blvd” on the premises near Arts High School.
“Based on our Lofts experience, we have very high confidence in this upcoming project,” said Victor Baker of the Mid-Atlantic Investment Alliance.
Jersey Digs reported on May 13 that a company associated with the alliance paid $1.55 million for 535-541 Dr. Martin Luther King, Jr. Boulevard, which has served as the home of Newark Foursquare Church and the Rising Sun Day Care Academy in recent years. Located at the corner of William Street, the property has previously been the subject of a 33-unit residential development proposal and an office and retail plan.
Baker told Jersey Digs over email that additional approvals for The Blvd are pending and that the proposal includes “affordable housing” along with just under 600 square feet of retail space. The retail space could potentially include a venue offering fresh produce or juice.
When asked about the demolition of the existing structure, Baker said that “the building is substantially dilapidated with an internal layout and condition that is not functionable in 2020,” adding that “this site can definitely have a more productive and vibrant use in the community.”