April 7, 2015

On March 25th NDC gathered to celebrate the Grand Opening of Hotel Indigo in Newark, NJ. Newark’s Community Economic Development President and CEO, Otis Rolley acted as master of ceremonies, addressing an audience of project partners, investors and supporters.

NDC worked in partnership with Newark’s Economic Development Agency to fill a financing gap for the rehabilitation of a 99 year old bank building into a hotel. The development of Hotel Indigo has had significant impact on reactivating the pedestrian environment and complimenting the emerging dining and entertainment district in the downtown area. The project is located in a low- income community with a poverty rate of 44.7%, median family income of 25.5% and unemployment rate of 4.21 times the national average. NDC’s $10 million Qualified Equity Investment in the $29.6 million project was combined with financing from US Bank, resulting in the projected creation of 150 construction jobs and 100 permanent jobs, 90% of which were hired from Newark Works.

Additional Community Impacts include, creating a hospitality training program with Newark Works, The Department of Labor, and Essex County College.  Over 80 Newark residents where trained with these programs. A vocational mentorship program was also created in partnership with International Youth Organization (IYO) and has mentored over 20 local young adults from the ages 15-25. During planning and development the Hotel created a contest through the Newark Arts Council to choose a local artist to complete all of the murals in the building. All plants and greenery is maintained locally by the Greater Newark Conservatory, and all coffee is supplied by local roaster TM Ward.

Below are some photos from the event! NDC is looking forward to continuing to work with the City of Newark to create jobs and opportunity for its residents!

 

Grand Opening Ceremony

Grand Opening Ceremony

Otis Rolley President and CEO of Newark CEDC Welcomes Group
Terri Ryan VP of Operations for IHG

Terri Ryan VP of Operations for Crestline Hotels and Resorts

Mark Grier Vice Chairman of Prudential Financial

Mark Grier Vice Chairman of Prudential Financial

Jason Moskal VP of Lifestyle Brands IHG

Jason Moskal VP of Lifestyle Brands IHG

Tim Lizura President and CEO of NJ Economic Development Authority

Tim Lizura President and CEO of NJ Economic Development Authority

Councilwoman Gayle Chaneyfield Jenkins

Councilwoman Gayle Chaneyfield Jenkins

Essex County Executive Joseph DiVincenzo Jr.

Essex County Executive Joseph DiVincenzo Jr.

Owner of Hotel Indigo Newark Samer Hanini

Owner of Hotel Indigo Newark Samer Hanini

Newark Mayor Ras J. Baraka

Newark Mayor Ras J. Baraka

NDC's (left) Allison Marsh, Daniel Choi and Angela Butler

NDC’s (left) Allison Marsh, Daniel Choi and Angela Butler

NDC's Angela Butler and Mayor Baraka

NDC’s Angela Butler and Mayor Baraka

ALVA open for business!

ALVA open for business!

ALVA restaurant open for business!

ALVA restaurant open for business!

Members of the Newark Works hospitality program
The event made official with a ribbon cutting, Hotel Indigo is welcomed to Newark NJ!