Ellavoz Impact Capital Announces Construction Underway at Newark Commons

NEWARK, N.J.--(BUSINESS WIRE)--Ellavoz Impact Capital, LLC (EIC), a social impact investor and real estate developer focused on workforce and affordable housing, announced today that construction has officially commenced at Newark Commons, the adaptive reuse of the historic St. Michael's Hospital buildings located at 306 Dr. Martin Luther King, Jr. Boulevard in Newark.

The nearly $20 million construction project represents a significant milestone in the revitalization of Newark's Historic James Street Neighborhood. The construction activity will transform a vacant 104,000-square-foot structure that has sat dormant for nearly two decades into vibrant, price-attainable workforce housing. The construction activity will create hundreds of well-paid jobs, many of which will be filled by Newark residents or Newark-based businesses. Construction is scheduled to be completed in late summer 2027.

Project Overview

Newark Commons will create 42 new housing units consisting of 146 bedrooms designed to meet the needs of mobile professionals, essential healthcare workers, and university students seeking quality, affordable housing in an increasingly unaffordable section of Newark. Twenty percent of the bedrooms will be restricted as affordable housing for low-income individuals, ensuring broad community benefit. The building will also contain over 4,500-square-feet of commercial/retail space fronting on Central Avenue.

Originally constructed in 1869, the interconnected buildings that comprised St. Michael's Hospital have been integral to Newark's history for over 150 years. The adaptive reuse project preserves this architecturally significant structure while positioning it to serve contemporary workforce needs.

Financing and Support

The project's financing structure reflects strong public-private collaboration:

• $12 million in New Jersey Historic Property Reinvestment Program tax credits from the New Jersey Economic Development Authority (NJEDA)
• Federal Historic Preservation tax credits paired with state credits
• $16 million in Opportunity Zone investment capital, a federal tax-advantaged investment program designed to stimulate investment in under-resourced communities

Community Impact and Approvals

Newark Commons will reactivate what was an abandoned site, serving as a gateway for those entering Newark from the western suburbs while linking the Historic James Street Neighborhood to both downtown and University Hill. The development provides immediate access to public transportation, universities, and downtown Newark amenities.

The project received unanimous approval from the City of Newark's Zoning Board of Adjustment and secured City Council approval for a 30-year tax abatement, enabling the property to offer price-attainable housing. The restoration plan and design have received approval from the National Park Service.

“Newark Commons illustrates how public and private partners can work together to deliver attainable housing that meets the needs of today’s workforce and young professionals,” said Jeffrey Crum, President of Ellavoz Impact Capital. “This groundbreaking begins another chapter in Newark's remarkable growth and economic development.”

EIC serves as the managing partner and sponsor of the project, working with local banks, lending institutions, and governmental agencies to deliver positive community outcomes alongside strong financial returns.

About Ellavoz Impact Capital

Ellavoz Impact Capital, LLC, is a social impact investor, advisor, asset manager, and real estate developer focused on creating and preserving workforce and affordable housing and other community-oriented real estate properties. EIC's strategy concentrates investments into price-attainable housing and economic development projects by working with socially aligned operators, local nonprofits, and governmental agencies to deliver positive community outcomes and double bottom line returns.

Based in Belmar & Newark, New Jersey, EIC currently has total managed and controlled assets with a value exceeding $400 million. EIC is comprised of certified public accountants, attorneys, as well as real estate, finance, and economic development professionals. The team has both private sector experience and decades-long experience leading large community development financial institutions and nonprofit organizations. Collectively, the management team has led transactions with a total capitalization value of nearly $3 billion.

For more information about Ellavoz Impact Capital, visit our website at Ellavoz.com.