Governor Kathy Hochul announced that the Village of Newark was awarded $1 million through the State's Restore New York Communities Initiative. Restore New York supports municipal revitalization efforts with funds to help remove and reduce blight, reinvigorate communities and generate new residential and economic opportunities statewide. The program, administered by Empire State Development, is designed to help local governments encourage new commercial investments through community revitalization, growing local housing, and putting properties back on the tax rolls to increase the local tax base.
The funding will be used to support the adaptive reuse of 158,000 square-feet of vacant, historic property in the heart of downtown Newark. As part of the Village's Downtown Revitalization Initiative, the redevelopment will revitalize a large vacant building and include 101 apartments, creating more housing options for individuals and families who want to live and work in the Village.
“Revitalizing and rehabilitating vacant and blighted areas of our communities brings new energy and investments that support local and regional growth,” Governor Hochul said. “Restore New York helps our municipalities plan for the future by catalyzing economic growth and supporting housing, businesses and cultural spaces. We are further unlocking the potential of these sites and communities across New York."
Empire State Development President, CEO and Commissioner Hope Knight said, "Under Governor Hochul's leadership, New York State is building for the future by supporting projects that advance statewide priorities like increasing housing and revitalizing communities. Through the Restore New York Communities Initiative, we are working together with municipalities to remove blight and generate new investments to promote sustainable economic growth."
NYS Senator Pam Helming stated, “It’s important that we continue to work to increase access to housing for families and workers in our communities. These projects provide stability and opportunity for residents and small businesses and support a growing economy and tax base. I was proud to support the Village’s grant request and I congratulate Mayor Taylor and his team.”
NYS Assemblyman Brian Manktelow said, "Once again New York State delivers to our community. Investing in our downtown areas is an investment in our friends and families. That is something I will always appreciate. The ability for friends and families to stay in their own community is something we should cherish. I applaud the initiative of Mayor Taylor and the Village Board for moving forward with this project."
Village of Newark Mayor Jonathan Taylor said, “I am excited about this grant. As a Pro-Housing community, we are looking forward to Coventry Commons and the additional housing it will bring to Newark. This project is important to the village’s downtown revitalization.”
Christopher D. Trevisani, Business Development Vice President for Housing Visions, stated, “We are very grateful to receive the support from Empire State Development for this critical Downtown Revitalization Initiative in the Village of Newark. Coventry Commons will provide much needed housing in the midst of a housing crisis, while revitalizing a historic building that once served as an economic engine for the community. Through collaboration with various Village, State and Community stakeholders, this development will spur further sustainable economic growth for the region.
