On March 25th NDC gathered to celebrate the Grand Opening of Hotel Indigo in Newark, NJ. Newark’s Community Economic Development President and CEO, Otis Rolley acted as master of ceremonies, addressing an audience of project partners, investors and supporters.
NDC worked in partnership with Newark’s Economic Development Agency to fill a financing gap for the rehabilitation of a 99 year old bank building into a hotel. The development of Hotel Indigo has had significant impact on reactivating the pedestrian environment and complimenting the emerging dining and entertainment district in the downtown area. The project is located in a low- income community with a poverty rate of 44.7%, median family income of 25.5% and unemployment rate of 4.21 times the national average. NDC’s $10 million Qualified Equity Investment in the $29.6 million project was combined with financing from US Bank, resulting in the projected creation of 150 construction jobs and 100 permanent jobs, 90% of which were hired from Newark Works.
Additional Community Impacts include, creating a hospitality training program with Newark Works, The Department of Labor, and Essex County College. Over 80 Newark residents where trained with these programs. A vocational mentorship program was also created in partnership with International Youth Organization (IYO) and has mentored over 20 local young adults from the ages 15-25. During planning and development the Hotel created a contest through the Newark Arts Council to choose a local artist to complete all of the murals in the building. All plants and greenery is maintained locally by the Greater Newark Conservatory, and all coffee is supplied by local roaster TM Ward.
Below are some photos from the event! NDC is looking forward to continuing to work with the City of Newark to create jobs and opportunity for its residents!