The construction of 250 market-rate and affordable apartments is expected to be completed by early 2027. The project will take place right next to the Newark Museum of Art. An indoor “groundbreaking” ceremony was held this Wednesday to signify the beginning of the project.
L + M Development Partners of Larchmont, New York will be developing and owning the project alongside MSquared, based out of Manhattan and MCI Collective, which is based out of Newark. The project will be taking place at the museum’s 4-acre downtown campus.
Work has already begun on the project, with a foundation being dug for the first of two apartment buildings. The two buildings will be constructed on a 1-acre parcel that was acquired by the developers from the museum as part of the development deal.
One building will be six stories and feature 90 apartments and a 4,216-square-foot gallery space for contemporary art that will be operated by the museum. The other building will be 12 stories and feature 160 apartments. It will also include 2,598-square-feet of restaurant and retail space on its ground floor.
50 of the apartments, which will be located throughout both buildings, will be affordable units and charge below-market rents. They will be set aside for people with low to moderate incomes.
The new development will take place on what was previously Horizon Plaza. It will be located at the corner of Washington Street and Central Avenue, occupying what was once a fairly unused set of walkways.
Newark’s art community is one of the city’s most defining features. Through the groundbreaking of this project, the city is continuing to support its arts, while also aiding citizens.