Newark Land Bank Breaks Ground on New Single-Family Residence
One Community Update
May 6, 2025
Source: www.tapinto.net
Newark Land Bank, a division of Invest Newark that is focused on boosting homeownership, broke ground on its first ground-up residential construction project at 113 Ridgewood Ave. on Monday morning.
Breaking ground on this home marks the beginning of a larger effort to construct seven new single-family homes across Newark by 2026, a move to expand homeownership opportunities for city families.
Local developer Three Brothers Construction will construct a three-story, single-family residence at the Ridgewood Avenue site, which will feature four bedrooms, 3.5 baths and a private garage.
“This is a turning point for our city in its continual, consistent commitment to create affordable housing for our community. Our goal is enormous but, as we witness today, it will be met – one space, one family, one contractor at a time,” said Newark Mayor Ras J. Baraka. “In a few months, someone will receive the key to their new home here – but the real key to this dream is our collaboration with partners and the vision we share.”
The Newark Land Bank was established in 2019 and is operated by Invest Newark. The first land bank in New Jersey, it acquires, manages and redevelops vacant, abandoned and tax-delinquent properties across Newark.
The Newark Land Bank’s mission is to reduce blight, expand homeownership and support sustainable development.
To date, the Newark Land Bank has sold 76 properties throughout the city’s five wards, including eight through the Housing Choice Voucher Conversion Program.
In addition to 113 Ridgewood Ave., Newark Land Bank plans to break ground on new homes at the following locations: 29-31 Winans Ave., 296 S. 7th St., 298 S. 7th St., 63 Montgomery Ave., 299 Chadwick Ave. and 59 Millington Avenue.
The target market for these homes is income-qualified, first-time homebuyers.
The new home at 113 Ridgewood Ave. is designated for buyers earning 80% of the Area Median Income (AMI) or below.
The Newark Metro Area Housing and Urban Development (HUD) annual income limits in 2024 show that 80% AMI is $73,040 for a one-person household, $83,440 for a two-person household and $93,840 for a three-person household.
Properties will be listed for sale on the Newark Land Bank website once construction is complete. The homes are then sold through a lottery-based application process to ensure fair access.
Invest Newark selected Newark-based contractor Three Brothers Construction, a family-run, minority-owned firm, to construct the single-family residence on Ridgewood Avenue.
Marcus Randolph, president and CEO of Invest Newark, and Gregory Good, chief real estate development officer and director of asset management at Invest Newark, joined Three Brothers Construction owner Gilbert Gomez on Monday to mark the start of construction.
“Transforming a vacant lot into a beautiful home for a family is a powerful example of how we turn vision into action,” Randolph said.
Good added that Three Brothers Construction represents “everything we want to see more of in Newark.”
“This project isn’t just an opportunity for our company, it is a win for the whole community,” Gomez said. “We’re proud to help build something that will make a real difference for Newark families. We believe in this city and what we can achieve together as a community.”
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