Developer Dave Barry is teaming up with L+M Development Partners for his next Urby venture.
The Newark Urby will be the third in New Jersey and fifth of the platform he plans to expand nationally.
“The thriving, cultural hub of Newark is a perfect match for Urby as we focus on bringing community and fresh perspectives to retail and residential development,” said Barry, CEO of Urby.
“Newark Urby will celebrate the design history of the city with this renovated tower and connect the building to the energy of Rutgers University and the movement within NJ and to NYC via convenient public transit.”
The L+M development will rise at 155 Washington Street in Downtown Newark. The $91 million venture includes the renovation of the existing 18-story tower, which was originally built as a parking garage in the 1920s, as well as the construction of a new four-story building.
It will feature 250 market-rate residences ranging from studios to three bedrooms, along with a host of amenities, including a rooftop deck, ground floor courtyard, gym, lounge areas and a music room.
The building will also include roughly 4,000 s/f of neighborhood retail, including a café, and a 4,000 s/f Rutgers-Newark welcome center.
L+M acquired 155 Washington Street in June 2019 from Rutgers University-Newark with the intention to develop the property into a mixed-use project with residential and commercial space.
“L+M is proud to once again invest in Downtown Newark’s future and further our long-term commitment to its ongoing revitalization,” said Sam Chapin, Senior Director at L+M Development Partners. “Newark Urby will bring a long-underutilized lot in the middle of Downtown to life through the Urby brand with first class residences and amenities, community retail and community space. Thanks to our partners at Wells Fargo for helping the project reach this crucial milestone.”
Newark Urby will join projects in neighboring Harrison and Jersey City. Construction of Newark Urby recently began, and substantial completion is expected by spring of 2022.
The venture will include, in addition to the construction financing, subordinate debt and more than $20 million in Opportunity Zone equity raised and deployed by L+M and Urby.
Newark Urby is L+M’s latest investment in Downtown Newark, joining Walker House, the fully restored, landmarked former home of NJ Bell, and the historic Hahne & Co. building just blocks away, both developed in partnership with Prudential Financial Inc. and Goldman Sachs Urban Investment Group.
Walker House, located at 540 Broad Street, is a 264-unit residential and office building with several retail tenants, including Method Climbing, the first indoor rock climbing facility in Newark, which is scheduled to open by year end, and Newark Local Beer, which is scheduled to open in early 2021.
The Hahne & Co. building, located at 609 Broad Street, is a former department store that sat abandoned for nearly 30 years. L+M transformed the property into a mixed-use development featuring residences, an arts and cultural center operated by Rutgers University-Newark, Newark’s first Whole Foods Market and a Marcus Samuelsson restaurant, Marcus B&P.
Urby is a “people-focused alternative to the standard apartment building.” Each Urby is unique to their neighborhood, but all Urby communities are unified by “an inspired approach to design and common spaces that radiate social energy.”
Newark Urby will be located across the street from Rutgers-Newark, blocks from light rail service and the NJ Transit Broad Street Station, and a short walk from Newark Penn Station—with access to Amtrak, PATH and NJ Transit rail. It will also be just a few blocks away from both Military Park and Washington Park.