Ellavoz Impact Capital Acquires Vacant Newark Hospital
Ellavoz Impact Capital, LLC, has announced the acquisition of 306 Dr. Martin Luther King, Jr. Blvd. in Newark, New Jersey. The company plans to transform the vacant 100,000-square-foot building into Newark Commons, a residential complex featuring workforce housing designed for young professionals, healthcare workers, and university students. The development will offer 43 housing units with a total of 144 bedrooms, providing high-quality, price-attainable living options in a rapidly appreciating area.
The property comprises two interconnected buildings that originally housed St. Michael’s Hospital, built in 1869. With a history spanning over 150 years, the site holds cultural and architectural significance within Newark’s Historic James Street Neighborhood. The redevelopment will leverage Historic Tax Credits to preserve the building’s classical architecture while modernizing the interior to meet contemporary living standards. Additionally, the project will benefit from Opportunity Zone equity, a federal program designed to attract investment in economically underserved areas.
Newark Commons aims to deliver substantial community benefits, including:
- Revitalizing an Abandoned Site: The project will breathe new life into a long-vacant property, enhancing the surrounding neighborhood and creating a more vibrant, connected community. Located near downtown Newark and University Hill, the site will serve as a gateway for commuters entering the city from western suburbs.
- Providing Affordable Housing: By offering price-attainable accommodations, Newark Commons will address the increasing demand for affordable housing in an area where property values are rising rapidly. The development’s proximity to public transportation, universities, and employment centers makes it an attractive option for residents.
- Preserving Historic Architecture: The rehabilitation will maintain the building’s architectural heritage while adapting it for modern use, contributing to the neighborhood’s historical character.
Robert Hutchins, Founder and CEO of Ellavoz Impact Capital, emphasized the project’s dual focus on social impact and financial returns: “The repurposed use of Newark Commons to support the higher education, young mobile professionals, and healthcare workforce needs for affordable private housing will be another catalyst in Newark’s remarkable growth. Ellavoz is committed to real social impact while delivering market returns to our client investors. We look forward to partnering with other Newark stakeholders in both the private and public sectors to deliver this best-in-class development.”
Ellavoz Community Capital, LLC, will act as the managing partner and project sponsor. Ellavoz Impact Capital has raised an Opportunity Zone Fund to provide Limited Partner equity for the redevelopment. Financing for the acquisition was secured from Cinnaire and Industrial Bank, two institutions with a track record of supporting community development initiatives.
Jeffrey Crum, COO of Ellavoz Impact Capital, highlighted the project’s transformative impact on the neighborhood: “The original St. Michael’s hospital building was beautifully designed and represents classical architecture from the late 19th century. For too long, this property has sat vacant and abandoned, symbolizing Newark’s past challenges. By adaptively repurposing this structure as workforce housing, we achieve two key community objectives: eliminating blight and creating price-attainable housing. I am excited about the vision for this property and the positive change it will bring to the James Street Neighborhood.”
About Ellavoz Impact Capital
Ellavoz Impact Capital, LLC, (EIC) is a social impact investor, advisor, asset manager, and real estate developer dedicated to creating and preserving workforce and affordable housing. The company collaborates with socially aligned operators, local nonprofits, and government agencies to deliver projects that generate both community benefits and competitive financial returns.
Headquartered in Belmar, New Jersey, EIC manages and controls assets with a combined value approaching $300 million. The company’s leadership team includes certified public accountants, attorneys, and professionals with expertise in real estate, finance, and economic development. With experience in both the private sector and community development financial institutions, the team has collectively led transactions valued at nearly $3 billion.
The Opportunity Zone Advantage
Newark Commons is strategically located within a designated Opportunity Zone, a federal program established through the Tax Cuts and Jobs Act of 2017. This initiative offers tax incentives to investors who support long-term projects in economically distressed areas, promoting sustainable growth and revitalization. By utilizing Opportunity Zone equity, Ellavoz Impact Capital aims to maximize both financial returns and community benefits, aligning with its mission to drive social impact.
Enhancing the James Street Neighborhood
The redevelopment of Newark Commons is expected to serve as a catalyst for broader neighborhood revitalization. By transforming an underutilized property into vibrant residential space, the project will attract new residents, support local businesses, and strengthen the community’s economic foundation. The site’s proximity to universities, healthcare facilities, and public transportation will further enhance its appeal, fostering a diverse and dynamic urban environment.
Additionally, the project’s emphasis on sustainability and historic preservation aligns with Newark’s broader efforts to promote environmentally responsible development while honoring its architectural heritage. The restoration of St. Michael’s Hospital reflects a commitment to maintaining the neighborhood’s character while meeting the evolving needs of its residents.
