A $500M Crossings at Brick Church mixed-use development has broken ground within the East Orange suburb of Newark, New Jersey.
Several elected officials and stakeholders were in attendance to celebrate this two-phase project, which includes a retail, restaurant, and commercial spaces. Additionally, the developers mentioned that the project would also add 820 units of much-needed “mixed-income” rental housing.
Triangle Equities is working on the Crossings at Brick Church project with its co-developer Incline Capital. While Goldman Sachs and Basis Investment Group are the investment partners of the project.
According to the Triangle Equities’ President, Lester Petracca the developers made use of various financing tools to secure funding. He said they successfully leveraged New Markets Tax Credits, Low-Income Housing Tax Credits, and Redevelopment Area Bonds.
Through these efforts, the developers were also able to form a public-private partnership with the City of East Orange.
Development plans for the Crossings at Brick Church
Upon completion, the East Orange Mayor, Ted Green believes Crossing at Brick Church will become the city’s largest real estate development. The location of this 200,000-square-foot transit-oriented mixed-use project will be at 533 Main St, near the Brick Church Train Station.
The developers plan to build the Crossings at Brick Church on the site of the former Brick Church Plaza. Therefore, the existing structure will be replaced by a nine-story building, another five-story building, and a 1,200-space 7-story parking garage.
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It will also include a pedestrian promenade and a public plaza. Although construction is still underway, the developers have already pre-leased over 85% of the retail space in the first phase. They expect the project to be due for delivery by the fourth quarter of 2024.
At the event, Governor Phil Murphy welcomed the Crossings at Brick Church and praised Triangle Equities for the new opportunity. According to the Governor, the project would give the residents access to affordable housing and good-paying new jobs.
Furthermore, Murphy also said the project would provide more healthy food options and public transportation options.
