Project Basics
Location
Newark, NJ
MSQUARED ROLE
Investment
NUMBER OF UNITS
250
PROJECT TYPE
Mixed-income, Mixed-Use
Project Details
Location
Newark, NJ
PROJECT TYPE
Mixed-income, Mixed-Use
MSQUARED ROLE
Investment
NUMBER OF UNITS
250
Project Overview
Museum Parc is a transformative mixed-income, mixed-use development in Newark, NJ and an important part of the Museum’s vision of creating a walkable, cultural hub in downtown Newark. When complete, the 250-unit project will include 4,000 square feet of gallery space that will add to Newark’s growing Arts and Cultural district. The project will also enhance the public’s visibility of the Museum and create a direct entryway to areas that are harder to reach. 50 units of deeply affordable housing will be set aside for low-income households. The project is being developed by LMXD and MCI Development, a locally-based, MBE developer.
Impact
Affordability
The project will set aside 50 units of deeply affordable housing, restricted to households earning between 30% to 50% of AMI, equivalent to $39,090 to $65,150 for a 4-person household. The project’s affordability exceeds the requirements set by Newark’s inclusionary zoning ordinance, and the units will be restricted for 30 years.
Sustainability
Museum Parc is a transit-oriented development that is centrally located and will provide future residents with easy access to major employment and educational hubs in Newark, as well as public transit options that connect residents to midtown and lower Manhattan in less than 30 minutes. The project will be LEED certified.
Diversity
The project will have a mix of uses including over 2,000 square feet of ground floor retail and 4,170 square feet of gallery space, contributing to Newark’s growing Arts and Cultural district.
The Sponsor includes an experienced, Newark-based MBE.
