Opportunity Fund Investment Creates an Arts Hub in Newark
with Ninety-two Units of Shared Housing
The Ellavoz Shared Values Opportunity Fund has made its first investment in the Newark Arts Commons, which is converting the original St. Michael’s hospital buildings into a new destination for the arts in downtown Newark.
“The Ellavoz Impact Angels oversubscribed to the funding request for the Newark Arts Commons,” said Robert Hutchins, Managing Director of the Ellavoz Shared Values Opportunity Fund. “This project fulfills our goal of investments that return both an appropriate tangible risk adjusted market-internal rate of return and an intangible impact return.”
The development offers deeply discounted space for arts-focused non-profits – GlassRoots, Newark Arts and Project for Empty Spaces – allowing them to continue their missions in downtown Newark, while also creating a new hub for the arts community, further solidifying Newark’s stature as one of the country’s most vibrant arts communities.
The upper floors will be transformed into co-living apartments managed by Common the premier company on the forefront of the shared-housing model. This living solution addresses the challenges in Newark’s residential rental environment and caters to the needs of today’s mobile professionals.
The current development team includes Community Asset Preservation Corporation (CAPC)
which is a subsidiary of New Jersey Community Capital.
“We are very pleased and excited to have the Ellavoz Shared Values Opportunity Fund as an investor and partner,” said Jeff Crum, Executive Director of CAPC as well as the Chief Investment Officer of NJ Community Capital. “We look forward to working with Ellavoz on future projects in New Jersey.”
Among the impacts are:
Eighty jobs will be created during the development phase;
Forty permanent jobs will be created;
The building will provide flexible creative space for nearly 100 artists annually;
The upper floors will be transformed into ninety-two co-living apartments managed by Common, the premier company on the forefront of the shared-housing model. This living solution addresses the challenges in Newark’s residential rental environment and caters to the needs of today’s mobile professionals; and
500 low- and moderate-income youth will be served annually.
This development encompasses two interconnected buildings that served as the original St. Michael’s Hospital and have been a part of Newark’s history for nearly 150 years. Construction of the building on the corner of Central Avenue and Dr. Martin Luther King Jr. Boulevard was initiated in 1869 by the Sisters of the Order of St. Francis. St. Michael’s offered 130 beds to patients regardless of race or color.
To learn more about the Ellavoz Shared Values Opportunity Fund or to become
a member of the Ellavoz Impact Angels Network visit us at: ellavoz.com.
Or call us direct:
Robert Hutchins – 908.330.2029
Christopher Ferry – 732.616.8847