Newark Land Bank broke ground on its first-ever new residential construction project, launching a bold plan to build seven new single-family homes across the city by 2026.
The historic development, led by Invest Newark and local contractor Three Brothers Construction, will consist of three-story, single-family residences on Ridgewood Avenue that will feature four bedrooms, three-and-a-half baths and a private garage.
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,” Baraka said. “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.”
Three Brothers Construction—a family-run, minority-owned firm was selected by Invest Newark, which oversees the Newark Land Bank.
Invest Newark 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.
“Transforming a vacant lot into a beautiful home for a family is a powerful example of how we turn vision into action,” Randolph said. “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.”
“This project isn’t just an opportunity for our company, it is a win for the whole community,” Gilbert Gomez, owner of Three Brothers Construction said. “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.
