Newark officials and cultural leaders recently celebrated the groundbreaking for Museum Parc, a $94 million mixed-use development located on Central Avenue between Washington Street and University Avenue in Newark, New Jersey. Developed in partnership with LMXD, MCI Collective, and MSquared, with support from the City of Newark and the New Jersey Housing and Mortgage Finance Agency, the project is being built as an extension of the Newark Museum of Art’s existing campus. The development will introduce 250 mixed-income apartments across two buildings, 2,300 square feet of retail space, and new indoor and outdoor museum areas. Construction is expected to complete by 2027.
Rendering of Museum Parc, via newarkmuseumart.org
The first of the project’s two buildings will be a six-story structure located at the corner of Central Avenue and Washington Street, replacing Horizon Plaza. The building will feature 90 apartments, a 4,000-square-foot glass-enclosed arts space, an outdoor sculpture park, and public murals. Additionally, tenants will have access to 5,500 square feet of amenities, including a fitness center, coworking space, and a bicycle room. The second building, a 12-story tower at Central and University Avenues, will house 160 apartments, 2,400 square feet of retail, and amenities such as a game room, lounge, speakeasy, and a 3,000-square-foot rooftop terrace.
Rendering of Museum Parc, via newarkmuseumart.org
Of Museum Parc’s 250 rental units, 20 percent will be income-restricted, including 45 apartments designated for households earning 50 percent of the area median income (AMI) and five units for those earning 30 percent of AMI. Funding comes from a mix of public and private sources, including a $62 million construction loan from Merchants Bank, $58 million in Freddie Mac future permanent financing, and $15 million in Low-Income Housing Tax Credits.
Rendering of Museum Parc, via newarkmuseumart.org
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So glad to see more love for Newark.
Art is not limited to having only a square shape, and I can feel people in Newark not resisting it: Thanks.