7800 Seat Historical Stadium Renovation including a six-story building with 75 apartments, a four-story parking deck with 314 spaces, and a restaurant with exhibition space. As part of a collection of companies that will benefit through the $76 million restoration project, Mid-Atlantic Alliance will manage the $4.2 million construction and operation of the exhibition space and restaurant at the renovated stadium.
Located in Downtown Newark, just minutes away from schools, the Prudential Center, NJPAC, Military Park, Lincoln Park, Independence Park, as well as in close proximity to Newark Museum, New Jersey Institute of Technology, Rutgers University, University Hospital, and numerous restaurants, banks and stores. The subject property is 1 mile from Newark Penn Station (connecting residents to New York City and various interstate rail services), and just an 8 minute drive to Newark Liberty International Airport. The property sits on a 12,187 square foot lot at 535-541 ML King Blvd, Newark (Block: 102 / Lot: 53). The location is in the Institutional Zone. The building is approved to have 2 stories of parking (34 spaces) and 4 stories residential development. Amenities will include: • Central atrium (daylight) and feature wall; • Ample fitness center with appropriate equipment; • Party room • Bicycle storage; • Amazon storage room; • Rooftop patio space with outdoor furniture, grill and garden planter boxes.
Notable Downtown Projects include: Hahne & Company Redevelopment A $174 million dollar historic renovation of the Hahne & Company building in downtown Newark celebrated a ribbon cutting on January 23, 2017. Approximately 75,000 square feet of new retail space was added on Broad Street – including Newark’s first Whole Foods – as well as 160 new apartments, 64 of which are affordable housing for low-income families.
Projected Total Development Cost: $10,842,000
After Repair Value: $15,000,000
Projected Annual NOI: $796,080
Projected Annual ROE: 7.34%
Newark, NJ 40 Unit Subsidized Multi Family Development: Signed LOI is in place for the purchase of a vacant land parcel located in the West Ward of Newark, NJ. Land assembly includes a 60×105 vacant lot being purchased along with an adjacent 54×107 City owned parcel. The proposed development is for a newly constructed 40 Unit Workforce/Affordable Multi Family Development.
Projected Total Development Cost: $7,959,000
After Repair Value: $13,000,000
Projected Annual NOI: $420,000
Projected Annual ROE: 6%
Newark, NJ Ground Up New Construction Multi-Family: Redeveloper Designation for 347-349 W Market St. was granted from the City of Newark on March 26, 2019. The site is located in Newark’s Central Ward. Purchase price was recently set at $7 per square sq foot for the 50×100 vacant parcel. This is the 3rd designation secured from the Municipality by the Manager. Proposed development is for a newly constructed 8 Unit Rental.
Projected Total Development Cost: $1,818,000
Projected Annual NOI: $48,072
Projected ROE: 8%
Brooklyn, NY Classon Avenue. Demolition of current 1 story empty garage in prime Clinton Hill Neighborhood. 25 ‘ x 100 ‘ site zoned for 5,000 sqft. above ground buildout. One block to G train into Manhattan. Near Restaurants and shopping. Two blocks to Pratt Institute School of Architecture and St Joseph’s College New York.
Site Acquisition: $1,460,625.00
New Construction of 4 Condominiums each featuring private outdoor space: $1,500,000.00
Approximate Soft & Pre Development Expenses: $200,000.00
Total Development Cost: $3,160,625.00
New Construction Value: $4,750,000.00