NEWARK, N.J.--(BUSINESS WIRE)--The Newark Housing Authority (NHA) has issued a request for qualifications and proposals to repurpose or redevelop twelve former Newark Public Schools (NPS) that have been previously closed and divested by NPS.
The NHA intends to enter into agreements with the most qualified respondents that demonstrate financial capability, vision, and creativity in adaptive reuse consistent with the City’s master plan. Respondents must also demonstrate the ability to implement proposed projects in a timely manner and in a way that serves the best interests of the NHA, Newark Public Schools (NPS) and the City of Newark.
“The City of Newark has experienced unprecedented investment and development activity over the last 24 months, particularly in connection with repurposing existing buildings for residential and other mixed uses,” said Keith D. Kinard, Executive Director of the NHA. “The availability of these properties represents an extraordinary opportunity for developers to capitalize on the strong momentum in the marketplace, while enabling Newark Public Schools to monetize surplus assets and redeploy proceeds back to the classroom.”
“While economizing on operating costs and maximizing proceeds from the sales are of utmost importance to NPS, the assessment process will also place heavy emphasis on those proposals which will serve the needs of the surrounding communities, respect the history of the buildings and expand access to housing and commercial space in order to enrich the neighborhoods for years to come,” said Morris Warner, Chief Development Officer of the NHA. “We are seeking a true triple bottom line solution for residents of the City, NPS and developers who are skilled at executing innovative projects.”
The process is governed by a detailed RFQP document which can be accessed online at www.npsportfolio.com. The site also provides property specific information and due diligence materials once respondents are pre-qualified.
NHA seeks to complete the qualifications and proposal processes by year-end with closings to occur during the first and second quarters of 2017. Interested parties are encouraged to visit the website for more detail.
About NHA:
The mission of the Newark Housing Authority is to invest in the City of Newark, NJ’s families by building and maintaining affordable housing to encourage economic independence and healthy communities.