$88 million, development of 280 units on the site of the former Ballantine brewery in Newark
More housing — and more revitalization — is coming to Newark.
Tuesday morning, the Shorewood Real Estate Group announced an $88 million project at the former Ballantine Brewery site in the Ironbound – a six-story mid-rise mixed-use development that plans to offer 280 residential units (including affordable), 2,600 square feet of retail space and 125 parking spaces.
Construction on the project, which will be located at 80 Freeman Street, is expected to begin this summer. The project is expected to be completed in the first quarter of 2025.
The new mixed-income facility will offer one-, two- and three-bedroom units at market prices and affordable housing for renters earning 40 to 80 percent of the area’s median income.
Shorewood CEO Larry Davis said the company is doing the project in partnership with Bridge Investment Group. He said he was enthusiastic about the location – which housed the iconic brewery until it closed in 1972.
“Once complete, this development will help breathe new life into the neighborhood with a variety of apartments and shopping opportunities,” he said. “It was a historic place in Newark, and our goal is to make it a destination again.”
David Coelho, chief investment officer at Bridge Investment Group, agrees.
“Bridge is pleased to support the redevelopment of the iconic Ballantine Brewery. Newark’s Ironbound section has long been a community staple,” he said. “The new Ballantine Brewery building will be a great improvement for the neighborhood.
The project, which will be in line with Newark’s Affirmative Action Plan for Building, will include the demolition of part of the old industrial complex to build a modern and attractive development.
Davis said it will create nearly 300 jobs for New Jersey-based contractors.