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Baldwin Equities building and revitalizing over 370K sq. ft. while adding 63 affordable housing units

By Avimoo,

Article Source: https://www.roi-nj.com/2024/05/08/real_estate/baldwin-equities-building-and-revitalizing-over-370k-sq-ft-while-adding-63-affordable-housing-units/

By ROI-NJ Staff (Newark )
 

Real estate developer Baldwin Equities is investing in Newark’s ongoing revitalization through a large-scale, innovative, mixed-use portfolio that consists of four unique properties across New Jersey’s largest city.

The real estate firm Tuesday announced the latest updates regarding over 370,000 square feet of luxury residential apartments, including some with stunning views of downtown Newark and the Manhattan skyline. In addition, 20% of all Baldwin residential units will be affordable, adding 63 affordable housing units to Newark.

“Baldwin Equities is looking toward the future, and we see Newark as a vibrant city and transit hub in close proximity to New York City with unlimited potential,” Avi Benamu, managing partner of Winchester Equities, which partnered with Summit Assets to create Baldwin Equities, said. “We are excited to be part of the revitalization of this great city by bringing modern residences and top-tier amenities to the area.”

Four of the mixed-use properties in Baldwin Equities’ portfolio include:

  • 43-53 William St./the William: This 103,000-square-foot, mixed-use development featuring 63 luxury rental units with state-of-the-art amenities and over 14,000 square feet of rental space that is occupied by one of the nation’s fastest growing child care centers, the Learning Experience. The project was completed in May 2022, is fully occupied and includes 20% affordable housing units.
  • 810 Broad St.: Baldwin purchased the former Hotel Indigo and historic bank building in early 2022, transforming the 90,000-square-foot building in the heart of downtown Newark into a luxury microapartment building with 100 premier furnished units, 20% of which will be affordable housing. Baldwin Residence features a rooftop with stunning views of the Manhattan skyline, an incubator business hub, hotel-like amenities and an upscale Southern soul food-inspired restaurant, Delta’s Southern Cuisine & Cocktails. Delta’s recently received a nearly $3.5 million grant from the New Jersey Economic Development Authority for the renovation, which will include a restaurant and live music venue and rooftop lounge on the basement, first floor and rooftop of the building. The anticipated opening of Delta’s is in September. Baldwin Residence is open for preleasing.
  • 303 Washington St./the Distrikt: Baldwin is preserving and converting a former office building, 303 Washington St., into the Distrikt, a high-end, 100,000-square-foot residential building with 92 units featuring 12-foot ceilings and amenities like a screening room, a spa, a self-checkout minimarket and an indoor and outdoor rooftop. Baldwin has designated 20% of units as affordable housing. This project just received payment-in-lieu-of-taxes approval and is scheduled to open by the end of the year.
  • 1033 Broad St.: An iconic Newark landmark, Baldwin partnered with local nonprofit Lincoln Park Coast Cultural District to breathe new life into the former South Park Calvary Presbyterian Church façade located in the heart of Newark’s Lincoln Park, which has sat vacant for over decades until conveyed to LPCCD nearly 20 years ago. The 80,000-square-foot, mixed-use development property will include over 60 rental apartments for young professionals and artists, 20% of which will be affordable housing. The property will also include office space for LPCCD, as well as an outdoor terrace, rooftop and speakeasy to continue revitalizing the Lincoln Park community. Jointly with LPCCD, Baldwin recently applied for city planning approval. Pending approvals, the scheduled completion date is 2026.

“Newark is a great place to live, work and play, and the development taking place in Lincoln Park along the southern corridor of the Arts and Education District is a great example of all that the city has to offer,” Anthony Smith, executive director of LPCCD, said. “We are excited to work with Baldwin Equities to expand safe, quality, affordable housing to continue increasing the quality of life in the area.”

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New 100-unit micro-apartment project at historic Newark building hits the market

By Avimoo,

Article source: https://re-nj.com/new-100-unit-micro-apartment-project-at-historic-newark-building-hits-the-market/

By Joshua Burd

Renters are getting their first look at new micro-apartments in Newark as part of a project that has converted a historic bank and hotel property in the heart of the city’s downtown.

Baldwin Equities, the developer behind the retrofit, announced Tuesday that preleasing is underway at what’s known as Indigo Residence at 810 Broad St. The building is hitting the market two years after the firm acquired what was the Hotel Indigo, which operated inside the former First National State Bank building, with plans to create 100 furnished, luxury micro-units with Murphy beds, modern kitchenettes and 65-inch smart TVs, among other features.

Twenty percent of the rentals will be reserved as affordable housing, according to a news release. Indigo Residence will also have amenities such as a rooftop with views of the Manhattan skyline, an incubator business hub and an upscale soul food-inspired restaurant, Delta’s Southern Cuisine & Cocktails, which is slated to open in September.

“Baldwin Equities is looking toward the future, and we see Newark as a vibrant city and transit hub in close proximity to New York City with unlimited potential,” said Avi Benamu, managing partner of Winchester Equities, which partnered with Summit Assets to create Baldwin Equities. “We are excited to be part of the revitalization of this great city by bringing modern residences and top-tier amenities to the area.”

The Distrikt will bring 92 apartments and amenities to a former office building at 303 Washington St. in Newark.

The developer provided the update on Indigo Residence alongside details about several other completed and ongoing projects in Newark. Another residential property, The Distrikt, is slated to open by year-end at the site of a former office building at 303 Washington St., with plans calling for with 92 units with 12-foot ceiling heights and amenities such as a screening room, a spa, a self-checkout mini-market and indoor and outdoor rooftop spaces.

At 1033 Broad St., Baldwin partnered with the nonprofit Lincoln Park Coast Cultural District to breathe revive the former South Park Calvary Presbyterian Church, which has sat vacant for decades until it was conveyed to the organization nearly 20 years ago, the news release said. The firm noted that the 80,000-square-foot, mixed-use property will include more than 60 apartments for young professionals and artists and office space for LPCCD, as well as an outdoor terrace, a rooftop and a speakeasy to continue revitalizing the Lincoln Park area.

Baldwin recently applied for city planning approval in conjunction with LPCCD, the firm said. Pending approvals, the scheduled completion date is 2026.

The projects, which will each reserve 20 percent of their units for lower-income renters, follow Baldwin’s recent completion of a 103,000-square-foot, mixed-use development at 43-53 William St. Known as The William, the property has 63 luxury homes with amenities and more than 14,000 square feet of rental space that is occupied by one of the nation’s fastest-growing childcare centers, The Learning Experience.

CategoriesNews

Baldwin Equities Investing In Newark’s Ongoing Revitalization

By Avimoo,

Article Source: https://patch.com/new-jersey/newarknj/baldwin-equities-investing-newark-s-ongoing-revitalization-nodx

By Maggie Leuzarder,Neighbor

Real estate developer building, revitalizing over 370,000 square feet through mixed-use portfolio while adding 63 affordable housing units.

 

Newark, New Jersey – Real estate developer Baldwin Equities is investing in Newark’s ongoing revitalization through a large-scale, innovative, mixed-use portfolio that consists of four unique properties across New Jersey’s largest city. The real estate firm today announced the latest updates regarding over 370,000 square feet of luxury residential apartments, including some with stunning views of downtown Newark and the Manhattan skyline. In addition, 20% of all Baldwin residential units will be affordable, adding 63 affordable housing units to Newark.

“Baldwin Equities is looking toward the future, and we see Newark as a vibrant city and transit hub in close proximity to New York City with unlimited potential,” said Avi Benamu, Managing Partner of Winchester Equities, which partnered with Summit Assets to create Baldwin Equities. “We are excited to be part of the revitalization of this great city by bringing modern residences and top-tier amenities to the area.”

Four of the mixed-use properties in Baldwin Equities’ portfolio include:

  • 43-53 William Street/The William – This 103,000-square-foot, mixed-use development featuring 63 luxury rental units with state-of-the-art amenities and over 14,000 square feet of rental space that is occupied by one of the nation’s fastest growing childcare centers, The Learning Experience. The project was completed in May 2022, is fully occupied and includes 20% affordable housing units.
  • 810 Broad Street/Indigo Residence – Baldwin purchased the former Hotel Indigo and historic bank building in early 2022, transforming the 90,000-square-foot building in the heart of downtown Newark into a luxury, micro-apartment building with 100 premier furnished units, 20% of which will be affordable housing. Indigo Residence features a rooftop with stunning views of the Manhattan skyline, an incubator business hub, hotel-like amenities and an upscale southern soul food-inspired restaurant, Delta’s Southern Cuisine & Cocktails. Delta’s recently received a nearly $3.5 million grant from the New Jersey Economic Development Authority (EDA) for the renovation, which will include a restaurant and live music venue and rooftop lounge on the basement, first floor and rooftop of the building. The anticipated opening of Delta’s is in September 2024. Indigo Residence is open for pre-leasing.
  • 303 Washington Street/The Distrikt – A former office building, Baldwin is preserving and converting 303 Washington Street into The Distrikt, a high-end, 100,000-square-foot residential building with 92 units featuring 12-foot ceilings and amenities like a screening room, a spa, a self-checkout minimarket and an indoor and outdoor rooftop. Baldwin has designated 20% of units as affordable housing. This project just received PILOT approval and is scheduled to open by the end of the year.
  • 1033 Broad Street – An iconic Newark landmark, Baldwin partnered with local beloved non-profit Lincoln Park Coast Cultural District (LPCCD) to breathe new life into the former South Park Calvary Presbyterian Church facade located in the heart of Newark’s Lincoln Park, which has sat vacant for over decades until conveyed to LPCCD nearly 20 years ago. The 80,000-square-foot, mixed-use development property will include over 60 rental apartments for young professionals and artists, 20% of which will be affordable housing. The property will also include office space for LPCCD, as well as an outdoor terrace, rooftop and speakeasy to continue revitalizing the Lincoln Park community. Jointly with LPCCD, Baldwin recently applied for city planning approval. Pending approvals, the scheduled completion date is 2026.

Across all of its properties, Baldwin is committed to investing in the City of Newark:

  • 20% of all Baldwin residential units will be affordable housing units.
  • Indigo Residence will offer flexible meeting and conference room space to local entrepreneurs to help attract, develop, and create a community for young professionals.
  • Sharing equity, LPCCD and Baldwin Equities are developing the “crown jewel” historic Lincoln Park Church Facade project which will positively impact the creative economy in downtown Newark’s Lincoln Park, with modern, flexible space and a permanent home for LPCCD to operate from.

“Newark is a great place to live, work and play, and the development taking place in Lincoln Park along the southern corridor of the Arts and Education District is a great example of all that the city has to offer,” said Anthony Smith, Executive Director of LPCCD, a nonprofit that is committed to supporting Newark’s Lincoln Park’s transformation into a healthy, safe and vibrant neighborhood. LPCCD is partnering with Baldwin to advance the historic Lincoln Park Church Facade Project, under the auspices of newly formed 1033 Broad Street. “We are excited to work with Baldwin Equities to expand safe, quality, affordable housing to continue increasing the quality of life in the area.”

To learn more about Baldwin Equities, visit: https://baldwinequities.com/.

About Baldwin Equities
Winchester Equities partnered with Summit Assets in 2018 to create Newark-based Baldwin Equities and expand its portfolio to New Jersey’s largest city, Newark. With a name inspired by writer and civil rights activist James Baldwin, Baldwin Equities is invested in the future of Newark and is working to transform the local landscape through innovative, large-scale real estate development projects. Baldwin is committed to advancing the ongoing urban revitalization of Newark through projects that include mixed-use luxury rental apartments with affordable components. Visit https://baldwinequities.com/ to learn more.