NJHMFA marks groundbreaking for historic New Jersey Bell building restoration in Newark
Newark, NJ — New Jersey Housing and Mortgage Finance Agency (NJHMFA) executive staff, city officials and representatives of 540 Broad St. Owners LLC recently celebrated the groundbreaking of 540 Broad St., which will transform the historic New Jersey Bell building into a mixed-use, mixed-income development that includes affordable and market-rate apartments, retail and office space.The 20-story Art Deco building, built in 1929 by the New Jersey Bell Telephone Company, is known for its majestic lobby and brick and sandstone exterior. It was added to the National Register of Historic Places in 2005. “We at the NJHMFA are so very proud to provide significant funding for this project, which will contribute to Newark’s new era of prosperity,” said Lt. Governor Sheila Y. Oliver, commissioner of the New Jersey Department of Community Affairs and chair of the NJHFMA board. “By blending affordable and market-rate rental housing, this transformative project will make the city’s growing economic vitality accessible to people of diverse income levels.” The restoration will provide 263 apartments, 20% of which will be affordable for families earning between 40 and 50% of area median income.Apartments, including studios and one- to three-bedroom units, will be located on floors six through 20, with the lower floors consisting of over 80,000 s/f of office, retail and other non-residential uses.