Home > Press > RECENT PRESS RELEASES > Nov 10, 2011 - MAYOR BOOKER CUTS RIBBON TO CELEBRATE GRAND OPENING OF "STUDEBAKER LOFTS" IN NEWARK'S CENTRAL WARD

MAYOR BOOKER CUTS RIBBON TO CELEBRATE GRAND OPENING OF “STUDEBAKER LOFTS” IN NEWARK’S CENTRAL WARD
Former showroom and service center for the classic Studebaker Automobile Company is transformed into 68 loft-style apartments;

Project is a “green” building that has met the rigorous certification standards for a LEED Platinum rating 

Newark, NJ – November 10, 2011– Mayor Cory A. Booker, Central Ward Council Member Darrin Sharif, Department of Economic and Housing Development Director and Brick City Development Corporation (BCDC) Chairman Adam Zipkin, Housing and Real Estate Director Mike Meyer, RPM Development Group President Ed Martoglio and other dignitaries held a ribbon-cutting ceremony today to celebrate the opening of “Studebaker Lofts” located at 368 Broad Street, in Newark’s Central Ward. 

“I congratulate RPM Development Group, Inglese Architecture & Engineering and our Department of Housing and Economic Development on this accomplishment. They have taken an underutilized, blighting eyesore and turned it into a real community asset, with architectural distinction and high levels of environmental sustainability. I thank Ed Martoglio and the entire team at RPM Development Group for investing in our city and for their commitment to building a stronger and prouder Newark,” said Mayor Booker.

RPM Development Group redeveloped the abandoned two-story industrial building which was the former showroom and service center for the classic Studebaker Automobile Company, transforming it into 68 loft-style apartments that boast spacious layouts, high-efficiency stainless steel appliances, and sustainable finishes. 

“We appreciate the opportunity to work collaboratively with Mayor Booker and the City to bring this older industrial building back to life and create vibrant living space in downtown Newark,” said Mr. Martoglio. 

The project is a “green” building that has met the rigorous certification standards for a LEED Platinum rating, including a large solar photovoltaic panel array.  The project is a “transit-oriented development” project located on Broad Street less than two blocks from the N.J. Transit Broad Street Station and Light Rail.  

 “The success of Studebaker Lofts is one more step in our march toward transformation of downtown Newark into a 24/7 urban center.  With this project, RPM has converted a vacant building into a space that now once again contributes to the economic vitality of our City.  Studebaker Lofts fits perfectly with so many of our goals: more foot traffic to downtown Newark, and a "transit oriented development"  that meets the highest environmental standards and takes advantage of the City's unparalleled transit access.  This is the future of Newark.”" said Adam Zipkin, Director of Economic and Housing Development."

 "This project contributes to meeting two goals that are important for the continued revitalization of our Downtown Newark – the creation of market rate rental units that continue the trend of bringing a diversity of incomes to downtown and the provision of high-quality affordable rental housing for families," said Mike Meyer, Director of Housing and Real Estate.
 
The project will target renters with mixed-incomes, with 34 units dedicated as rent restricted affordable housing and 34 units for rent at market rates. 

The designer, Inglese Architecture & Engineering of Rutherford, preserved the industrial history of the former service center by re-using the first two stories and restoring the terra cotta Broad Street façade. At the same time, a zig-zag pattern of brilliant metal panels and ironspot brick on three brand-new floors create a dynamic façade unlike any other address in Newark.

“My feeling to live in Studebaker Loft is like to drive one of those beautiful Studebaker cars…design with flair,” said resident Oscar Schettino.

With unparalleled transit access, green features, and signature architectural design, Studebaker Lofts is a transit-oriented, mixed-use development that offers the convenience, features, and amenities of Manhattan at a fraction of the price. Fourteen (14) of the market units take advantage of the ceiling heights of the existing structure and feature 14’ loft ceilings and a built-in loft sleeping area. Nineteen (19) of the market units will also feature terraces that provide private outdoor space and bring ample light into the unit.  The remainder of the market and the affordable units will have large windows and higher than average ceiling heights.

Cynthia Velazquez is a new tenant of the building and said, "It's been wonderful living here with my two daughters. I have great neighbors and I had been looking for a 3-bedroom apartment for a while. I can't believe that I was accepted and found affordable housing that is really nice and in such a convenient area." 

The $21 million project was financed using various sources, including Federal Low Income Housing Tax Credits (LIHTC), Tax Credit Exchange funds (TCX), a permanent loan from the New Jersey Housing & Mortgage Finance Agency, Downtown Living funds from the New Jersey Department of Community Affairs (DCA), HOME funds from the City of Newark, and a construction loan from TD Bank.

The site is located within walking distance of other examples of Newark’s renaissance that are also attractions residents, including the Newark Museum, Riverfront Baseball Stadium, the New Jersey Performing Arts Center, and Washington and Branch Brook Parks.  Studebaker Lofts is also walking distance from Newark City Hall and Newark’s downtown commercial corridor, making the building an ideal residence for individuals working in downtown Newark. Situated at the crossroads of Routes 280 and 21, the building is easily accessible and exactly 10 miles from New York City by car.  The project is only two blocks from Newark Broad Street station, where commuters can take a 20 minute express train to New York Penn Station.

The Booker administration has made the creation of affordable and low-income housing one of its highest priorities and has doubled production of affordable housing since taking office in July 2006. Through partnerships with such organizations as Episcopal Community Development, Project Live, Inc., New Community Corporation and philanthropists like musician Jon Bon Jovi, the City of Newark has renovated or created hundreds of affordable and low-income housing developments in every ward.

For information about all City of Newark programs, contact the Non-Emergency Call Center at (973) 733-4311.

-NEWARK-

Contact:         Newark Press Information Office: (973) 733-8004.

E-mail: Pressoffice@ci.newark.nj.us

                        RPM Development Group - Joe Portelli  (973) 919-2640

                         jportelli@rpmdev.com

About RPM Development Group

RPM Development Group is based in Montclair, NJ and is one of the leading developers of affordable housing in New Jersey. RPM brings all aspects of the process under one roof: development, construction, leasing, and property management. Drawing on the experience of its staff and skilled partners, RPM has worked with cities, suburban towns, local housing authorities, and state and federal agencies to create high-quality housing options, from renovating abandoned industrial buildings to transitioning historic neighborhoods. For more information about RPM Development Group go to www.rpmdev.com

About the City of Newark, New Jersey

Newark, commonly referred to as Brick City, is the third oldest city in the United States and the largest in New Jersey, with a population of more than 280,000 people. Newark sits on one of the nation’s largest transportation super-structures including an international airport, major commuter and freight rail lines, major highway intersections and the busiest seaport on the east coast.

With a new Administration as of July 2006, Newark continues to see signs of a strong revival. Its population showed growth in the most recent census. Its six major colleges and universities are further expanding their presence. The rate of production of affordable housing has doubled, and new businesses are moving in. There is still much work to be done but Newark is on its way to achieving its mission: to set a national standard for urban transformation.

For more information on the City of Newark, please visit our website at www.ci.newark.nj.us

Follow us on Twitter: www.twitter.com/cityofnewarknj