The Colleoni apartments have opened in the heart of a community that’s been reinventing itself as the Lincoln Park Coast Cultural District: Regan Completes $6M Apartment Rehab.
Originally constructed as a grand-style apartment building, Colleoni Apartments was later divided into smaller, lower-quality units before ultimately being shuttered in the mid-‘90s. Regan’s rehab has returned the seven-story building to something closer to its original configuration with 29 oversized units. The project is also the first stage of this city’s Lincoln Park Redevelopment Concept Plan.
“The Lincoln Park neighborhood is one rich in heritage and rooted in a tradition of artistic and cultural expression,” said Mayor Cory Booker at this week’s formal ribbon-cutting. “The restoration of this structure and redevelopment of Lincoln Park signals an even greater movement to create more affordable housing opportunities and maintain safe and beautiful communities for all residents.”
The high-end apartments in the Colleoni building will feature a private gym, elevator access, community room, and high-speed internet hookups with one-bedroom apartments starting around $1,100/mo. Rental information and floor plans available at colleoniapartments.com.
Large-scale projects like the NJPAC mixed-use complex and Transit Village at Broad Street Station are exciting prospects for both Newarkers and would-be Newarkers, but the smaller projects are paving the way by accepting some short-term risk and banking on the Newark of five years from now.
Christie Riverfront Condominiums, for example, is a mid-size development in the Ironbound (maybe four or five times the size of Colleoni) situated between an old Pabst Brewery site and the Passaic River. They’re selling condos at $325,000+ with the hopes that the Newark’s riverfront across Raymond Boulevard will develop into park land (some individuals are snapping up the condos and renting them for now at around $1,800 for a two-bedroom).
I don’t think it’s exactly going out on a limb, here: Newark is going to see a lot more of these types of relatively small-scale, high-end apartment building projects popping up across the city. As the city puts simpler development rules into place and re-zones portions of the city once set aside for industrial use, developers will have more incentive to invest in Newark.