Hip-hop icon Queen Latifah is entering the affordable housing market by investing in several multifamily units in her hometown of Newark, New Jersey.
NJ.com reports that the entertainer is returning to the city and investing in a cluster of multifamily townhomes worth $14 million. The report states that the construction on the units is expected to begin this summer.
From the article:
Latifah, a co-president of BlueSugar Corporation, is working with GonSosa Development on the project, which is anchored outside of the city’s downtown, spanning the West and South wards.
The project includes 20 three-family town homes and a three-story mixed-used building with an additional 16 units. Plans for the building include a fitness center and 1,900 square feet of commercial space that will be rented to nonprofits. The 60 units in the townhouses will be market rate; the 16 units in the building will be affordable.
NJ.com reports that the market rate units are expected to open by December 2020, while the affordable housing building is expected to be finished in December 2021.
Published at Mon, 25 Feb 2019 17:22:00 +0000