Leasing has launched for Walker House’s rental properties at 540 Broad Street in downtown Newark, New Jersey. Developed in collaboration by L+M Development Partners, Prudential Financial, and Goldman Sachs Urban Investment Group, the landmarked 1929 Art Deco building was renovated to create 211 apartments and a full suite of residential amenities. The 20-story structure’s conversion was overseen by Inglese Architecture & Engineering and CetraRuddy, and will include a fitness center and yoga studio, a library lounge, a private catering kitchen and dining room, a game room, storage areas, and a crowning rooftop terrace with outdoor cooking areas.
In a gesture to the surrounding community, the building will also offer 54 affordable units that will be made available through a lottery program.
“As long-time believers and investors in Newark, we are excited for the next chapter in the city’s economic revitalization to begin with the rebirth of this historic building,” said Margaret Anadu, managing director and head of the Goldman Sachs Urban Investment Group. “As downtown Newark continues to provide increased opportunities for families and businesses alike to grow, we are proud to invest in Walker House, bringing needed mixed-income housing and quality office space, both necessities for the city’s long-term vitality.”
YIMBY first reported on the planned conversion of the Ralph Thomas Walker-designed building in 2016, when the property was purchased by L+M Development for $16.51 million. Today, the developers have also revealed a new set of renderings of interiors, a port cochere, and rooftop amenities.
“In a city with immense architectural history, the restoration and adaptive reuse of the former New Jersey Bell Telephone Building represents a continued celebration of Newark and its revival,” said Alex Merlucci, associate partner at Inglese Architecture + Engineering. “As a defining building in Newark’s skyline, Walker House signals new opportunities for students, professionals, families, and businesses in one of the United States’ oldest cities, and further solidifies Newark as a destination for all.”