Nearly 15 miles outside of New York City, 915 Broad Street is in the heart of downtown Newark, New Jersey. 90,000 square feet and five floors host 84 mixed-income residences directly above ground level retail, making it accessible to Newark residents and a great option for individuals and families looking for affordability and convenience. With 55% affordable housing and 45% market rate, 915 Broad Street overlooks the Newark City Hall and is minutes from Newark Penn Station, Rutgers University and the Passaic River waterfront area, as well as an array of entertainment and restaurant offerings.
The amenity package includes open floor plans with walk-in closets, solid surface countertops and stainless-steel appliances, oversized windows, outdoor space, a community room, fitness center, concierge service, and state-of-the-art security. 915 Broad Street was designed by Urban Builders Collaborative, JKRP Architects and Adenah Bayoh & Companies with efficiency in mind. Residents benefit from energy-efficient appliances, high efficiency HVAC systems and best practices for indoor air quality and ventilation, reflected in the recent achievement of LEED Gold certification by the U.S. Green Building Council.
However, there’s more to this development than accessibility, efficiency, and stylish furnishings. 915 Broad Street is the result of persistence and determination from partners who were essential in its successful completion.
“We persevered through some extraordinary events – the most obvious being the pandemic, but also a milestone change in the tax code and significant unforeseen conditions in the ground,” said Matt Gross, Executive at Lettire Construction Corp and Partner at Urban Builders Collaborative. “Through everything, all partners were passionately committed to 915 Broad Street and the City of Newark, and we believe the final product reflects that.”
Located within the mixed-use development, Cornbread and IHOP reside on the ground floor, owned and operated by restaurateur and real estate developer, Adenah Bayoh, who also co-owns the building and was responsible for bringing the project to fruition. The impact 915 Broad Street brings to the Newark community is intertwined in Adenah’s personal experience and the larger narrative of The American Dream.
While Adenah Bayoh, CEO of Adenah Bayoh & Companies and Co-founder of Cornbread, has earned her standing as a successful entrepreneur, her story starts in Liberia where she escaped the civil war. Immigrating to the United States at age 13, she attended a public high school, put herself through college, secured a job in banking, and started investing in multi-family homes. Out of the success of these investments, Adenah was able to leave banking and concentrate her skills and energy as a business owner “focused on transforming and empowering disadvantaged communities.*”
“915 Broad Street represents the continuation of Newark’s ongoing renaissance and revitalization,” said Adenah. “It reflects the goal I bring to every project, which is to deliver accessible and high-quality housing and hospitality services to communities that have been often overlooked. We wanted to ensure that this building was thoughtfully designed and built by qualified businesses local to Newark with backgrounds that reflect the community.”
Adenah now owns and operates several individual IHOP franchises in New Jersey, as well as a real estate development portfolio that includes various residential and commercial urban redevelopments. Most recently, Adenah opened her own signature fast casual, farm-to-table, soul food restaurant, Cornbread, alongside co-founder, Elzadie “Zadie” B. Smith. Their third and latest location at 915 Broad Street launched on February 24th.
Adenah adds, “In regard to IHOP and Cornbread, for me the hospitality industry is about people, which is why customer service and investing in the staff and community that we serve are guiding principles at all of my restaurants. I am grateful to the people of the community for welcoming us and embracing and supporting this project.”
Through her investments within the communities where she does business, Adenah has been able to serve individuals and families looking for affordable living, places to enjoy good food and connection with family and friends, and employment opportunities where people are valued, all while empowering women and individuals of color.
“Adenah doesn’t simply embody ‘The American Dream’ – she has redefined it,” said Neala Martin, SVP, Acquisitions at CREA. “When we can connect individuals within affordable housing communities to employment, healthcare and education opportunities, it is a success. But the personal connection and influence that 915 Broad Street offers through Adenah is all the greater because of her.”
While becoming one of the most successful entrepreneurs in New Jersey, as well as the second largest employer in the Township of Irvington, New Jersey, Adenah is also a mother of two young children. Learn more about Adenah here.
In addition to LIHTC equity provided through Sterling National Bank, 915 Broad Street was financed with an additional $17.2MM construction loan from Sterling Bank, a $11.8MM Freddie Mac perm loan from Capital One, and a $2.5MM developer loan.
Photo credits: ApartmentFinder
*Source: Adenah Bayoh, 29 July 2020, adenahbayoh.com/adenah-bayoh/.