Ellavoz Impact Capital Announces Construction Underway at Newark Commons
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.
