Mayor Ras J. Baraka, Essex County Executive Joseph N. DiVincenzo, Jr., Central Ward Council Member Gayle Chaneyfield-Jenkins, and RPM Development Group Founder and President Edward G. Martoglio cut the ribbon today to open Newark’s latest mixed-use residential project, an 87-apartment complex (with 47 affordable units) and 6,500 square feet of retail space, at 999 Broad Street, in Newark’s downtown.

The five-story, mixed-use building is managed by RPM Development Group and adds 87 apartment units, 47 of which are for low- and moderate-income households, plus 6,500 square feet of retail to the neighborhood. Subsidized monthly rents start at $604 for a 1-bedroom unit and run up to $1,292 for 3-bedrooms. 

“Transforming previously abandoned facilities into state-of-the-art, affordable housing developments is what our work toward social-economic justice is all about,” said Mayor Baraka. “We are working with developers like RPM, the county and the state to make sure that all of our residents have access to environmentally safe, ecologically friendly and economically priced places to live.”

What was formerly an abandoned and unsightly postal service facility on the corner of Broad and West Kinney Streets, is now a LEED Platinum-certified residence offering a state-of-the-art fitness center, private on-site parking, laundry facilities, a community room and a second-floor garden terrace. In the coming weeks, a preschool run and managed by the state’s oldest, African-American, social-service Agency, the Leaguers, will join 999 Broad as the primary, ground-floor tenant.

The $21 million in financing for 999 Broad was made possible by the 4 percent federal Low-Income Housing Tax Credit Program, financial contributions from the New Jersey Housing & Mortgage Finance Agency, TD Bank, the County of Essex Division of Housing and Community Development and the City of Newark, with approximately $1.3 million in contribution from the City’s HOME Program.

RPM, in their long tradition of subcontracting women and minority owned firms, continued their diverse supplier practices on this project. “The projects that have the greatest economic impact are those that allow local residents and businesses to participate in the development of their neighborhoods,” said President Martoglio. “We are pleased to have been able to hire so many residents and contractors from the City of Newark in the construction of 999 Broad.”

Today’s ribbon-cutting ceremony caps the final phase of a larger project that also includes 60 Nevada Street, a 75-unit, 100-percent-affordable, residential development completed last spring and located directly behind 999 Broad. Both buildings are at full-occupancy; the residents of 999 Broad completed their move-ins last week.

In the coming weeks, this green building will become the newest pre-school location for The Leaguers, as its primary ground-floor tenant.