Shorewood Real Estate Group, in partnership with Bridge Investment Group –announced the start of construction on a six-story, midrise, mixed-use facility at the site of the former Ballantine Brewery in Newark, 80 Freeman Street.
The new $88 million project will offer 280 residential units, including on-site affordable housing, 2600 s/f of retail space, and 125 below-grade parking spaces. An additional contribution will also be made to Newark’s affordable housing trust fund.
“We are excited about this significant project which will create nearly 300 jobs for New Jersey-based subcontractors,” said Larry Davis, President and CEO of Shorewood Real Estate Group. “Once completed, this development will help infuse new life into the neighborhood with a variety of apartments and shopping opportunities. This was a historic location in Newark, and our goal is to make it a destination once more.”
Located in the Ironbound section of Newark and formerly owned and operated by P. Ballantine & Sons, the brewery closed in 1972. The new project, which will comply with Newark’s Affirmative Action Plan for Construction, will include the demolition of part the old industrial complex to construct a modern and attractive development. Renderings of the development can be found here, and a photo of the current building can be found here.
“Bridge is pleased to support the redevelopment of the symbolic Ballantine Brewery. The Ironbound section of Newark, NJ has long been a staple in the community,” said David Coelho, Chief Investment Officer at Bridge Investment Group. “The new Ballantine Brewery building will be an exciting enhancement for the neighborhood.”
Demolition is expected to start this summer, and the project is expected to be completed in Q1 2025. The new, mixed-income facility will offer one, two, and three-bedroom units at market rate and affordable units for renters earning 40-80% of the area’s median income.