L+M Development Partners and Prudential Financial have teamed up to complete a sweeping renovation of Zion Towers, an affordable housing block in Newark, New Jersey. In a recent announcement, the two firms also revealed a successfully brokered deal with the New Jersey Department of Community Affairs to extend the property’s Section 8 contract for an additional 11 years to facilitate necessary financing to begin capital improvements.
Located at 515 Elizabeth Avenue, the 28-story building was originally completed in the early ’70s by the former B’nai Zion Congregation. The entire development contains 268 units and a four-story parking structure. According to the developers, the property had fallen into grave disrepair and was in need of immediate improvements.
The $20 million renovation will include upgrades to residential kitchens, flooring, bathrooms, lounge areas, the existing lobby, as well as the entire building enclosure, window systems, and mechanicals.
“Access to quality affordable housing is essential to financial wellness,” said Reuben Teague, vice president of impact and responsible investing with Prudential. “Investments in affordable housing are a critical component of our work to drive inclusive economic growth here in our home city of Newark.”
The developers have also partnered with Collaborative Support Programs of New Jersey to provide supportive services and outreach for residents with mental health impairments and special needs. A total of 12 apartments will be reserved to specifically accommodate these residents.