Queen Latifah is investing in her hometown in a big way. The Newark, New Jersey native recently announced her company, BlueSugar Corporation, is working to develop affordable housing for the residents of Brick City.
According to NJ.com, BlueSugar Corporation is partnering with GonSosa Development on the $14 million project, which will include 20 three-family townhomes and another mixed-used building with an additional 16 units of affordable housing, a fitness center, and commercial space for nonprofit community organizations.
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Cristina Pinzon, a spokeswoman for the project, said those involved understand that finding housing is becoming increasingly difficult for Newark residents.
Queen Latifah And ESSENCE Ventures CEO, Richelieu Dennis. Photo: Paras Griffin/Getty Images
“They understand how difficult it is to make ends meet for many residents and want to be part of the solution,” Pinzon said in a statement. “They remain dedicated to making life better in communities like Newark.”
The townhomes will be rented at the market rate, starting at $1,800, while the affordable units will be priced according to the renter’s income.
The development project will break ground this summer and the first phase is scheduled to be completed in December 2020.
Queen Latifah isn’t the only celebrity investing in Newark’s real estate market. NBA legend Shaquille O’Neal announced he was working with developers on two massive projects, a 22-story apartment complex just steps from the New Jersey Performing Arts Center, and another 33-story building adjacent to Newark Penn Station. Both projects will reportedly include affordable housing.
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