New York Construction Report staff writer
Construction has officially begun on Coventry Commons, a $59 million development that will transform the historic Reed Manufacturing Company factory and office space in Newark, Wayne County, into 101 affordable apartments.
The project, which is part of the ongoing revitalization of Newark’s downtown, is supported by the Downtown Revitalization Initiative Strategic Investment Plan. This initiative aims to revitalize neighborhoods and stimulate local economies.
Housing Visions Construction Co., Inc., a subsidiary of Housing Visions Consultants, Inc., is overseeing construction on the project, which is being developed in partnership with New CDM, LLC.
The complex, listed on both the State and National Registers of Historic Places, has been vacant since 2005. The project involves rehabilitating two historic buildings: a three-story brick factory from 1903 that will contain 96 apartments, and a two-story office building that will feature five apartments. All units will be reserved for households earning up to 80 percent of the Area Median Income.
“This project represents a significant investment in both affordable housing and the revitalization of Newark’s downtown,” said a spokesperson for Housing Visions Consultants. “We are proud to bring new life to a historic site while addressing the pressing need for affordable housing in the region.”
The development is part of New York State’s broader efforts to combat the housing crisis. It will feature energy-efficient technologies, airtight construction, and modern amenities such as a fitness room, co-working spaces, free Wi-Fi, and upgraded playground facilities.
Funding includes$27.9 million in equity from State and Federal Low-Income Housing Tax Credits, $10.7 million in subsidies from New York State Homes and Community Renewal, and $2 million from the Downtown Revitalization Initiative. In addition, the project benefits from over $1.2 million in funding from the Clean Energy Initiative.
Coventry Commons is expected to revitalize the village of Newark by providing affordable housing options in a reinvigorated downtown area.
