Queen Latifah Invests in Newark Development
BlueSugar Corp., in which Queen Latifah is a private investor, received approval to go forward with its development along Springfield Ave, Newark.
It will be a joint effort between BlueSugar Corporation and GonSosa Development [GS Development]. Queen Latifah, AKA Dana Owens, is investing in a Newark neighborhood through BlueSugar Corp., which was founded with the mission of redeveloping and revitalizing neighborhoods across the country.
Queen Latifah is a silent investor in this project, which is a joint project in concert with GS Development. BlueSugar Corp. looks to assist neighborhoods that have experienced economic downturns.
The location of the project is in the area of Springfield Avenue and South 17th Street. The approval is for the development to convert 18 lots, and a total of 76 units are planned for 650-656 Springfield Avenue and several neighboring properties along 19th Avenue, South 16th Street, and South 17th Street. Plans call for:
■ The construction of 20 three-family town homes to be rented at market rate
■ A three-story building featuring 16 affordable housing units
■ A fitness center for residents
■ It will also include a mixed-use building of 1,900 square feet of commercial rental space on the ground level to be leased to nonprofits serving the community
The press release issued estimates that rentals will start at around $1,800, with pricing for affordable housing varied and income-based. Construction will be completed in three phases with the 60-unit development scheduled for completion by December 2020, and the 16-unit, mixed-use buildings in December 2021.
According to information regarding GS Development, Alberto Goncalves and Ricardo Sosa have developed or rehabilitated more than 1,000 rental and condominium units and one million square feet of commercial properties throughout the Northeast. Construction is expected to begin by August of 2019, with the townhouses slated to be completed by December 2020, and the 16-unit building is set to be finished one year later.
The project has changed from the time it was first proposed. Initially it was expected to consist of two mixed-use buildings with a total of 115 apartments and plenty of "affordable housing." The change was due to the inability to access a state tax credit that was originally applied for.
Queen Latifah joins another celebrity, Shaquille O'Neal, in her decision to invest in Newark.
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