Newark Land Bank Breaks Ground on First-Ever New Residential Construction

Historic development led by Invest Newark and local contractor to rise on Ridgewood Avenue

NEWARK, N.J., May 6, 2025 /PRNewswire/ -- Newark Land Bank, a division of Invest Newark focused on boosting homeownership, celebrated the groundbreaking of its first-ever ground-up residential construction project at 113 Ridgewood Avenue. Local developer, Three Brothers Construction, will construct a three-story, single-family residence at the site that will feature four bedrooms, three-and-a-half baths and a private garage.

This groundbreaking marks the beginning of a larger effort to construct seven new single-family homes across Newark by 2026, all aimed at expanding homeownership opportunities for local families.

Newark Mayor Ras J. Baraka spoke at the ceremonial event, highlighting this milestone and the city's commitment to equitable development that can improve the quality of life for Newark residents. "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 Mayor 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. This home will stand as symbol of Newark's incredible spirit of strength and resilience."

Invest Newark, which oversees the Newark Land Bank, selected Newark-based contractor Three Brothers Construction—a family-run, minority-owned firm. Executives from Invest Newark including President and CEO Marcus Randolph, along with Chief Real Estate Development Officer and Director of Asset Management Gregory Good joined Three Brothers Construction Owner Gilbert Gomez to mark the start of construction for the property, which will be sold to a buyer at 80% AMI or below.

Randolph shared the significance of this development. "Transforming a vacant lot into a beautiful home for a family is a powerful example of how we turn vision into action," said Randolph. "I'd like to thank Mayor Baraka for his continued support of Newark Land Bank's mission – it's this very support that got us here today."

Good also emphasized the importance of this development in Newark's broader revitalization efforts. "Three Brothers Construction represents everything we want to see more of in Newark. They are local, they care about this community and they are helping lead the charge in building a stronger future for Newark residents." Good said.

"This project isn't just an opportunity for our company, it is a win for the whole community," said Gilbert Gomez, owner of Three Brothers Construction. "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."

The Newark Land Bank was established in 2019 under the leadership of Mayor Baraka and is operated by Invest Newark. As the first land bank in New Jersey, it is dedicated to acquiring, managing and redeveloping vacant, abandoned and tax-delinquent properties across the city. Its mission is to reduce blight, expand homeownership and support sustainable development.

In addition to 113 Ridgewood Avenue, Newark Land Bank plans to break ground on new homes at the following locations: 29-31 Winans Avenue, 296 S. 7th Street, 298 S. 7th Street, 63 Montgomery Avenue, 299 Chadwick Avenue, and 59 Millington Avenue. All seven homes will be single-family residences intended to support long-term homeownership in Newark.

To date, the Newark Land Bank has sold 76 properties throughout Newark's five wards, including eight through the Housing Choice Voucher Conversion Program.

For more information on the Newark Land Bank, visit landbank.investnewark.org.

ABOUT INVEST NEWARK
Invest Newark, the city's Economic Development Corporation, propels economic growth by championing small businesses, improving internet access and facilitating real estate development. These endeavors lead to job creation and wealth generation, enhancing the overall welfare of Newark's residents. Distinguished by our unwavering dedication to equity and sustainability, Invest Newark stands apart as a forward-thinking development agency. Stay up to date on Invest Newark's latest news by following us on X, Facebook, Instagram, YouTube and LinkedIn, or visit us at InvestNewark.org. 

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SOURCE Invest Newark