New Markets Tax Credit, Historic Tax Credit, State and City
Sponsor
Hanini Group
Private Financing
Bank and CDFI Financing
Closing Date
2013
Historic Redevelopment and Adaptive Re-use
Redevelopment of the Historic National State Bank Building into a 110 key Hotel Indigo, a brand of the Intercontinental Hotel Group. At the time, this was the first new hotel in Newark in over 30 years.
Estimated Economic and Social Impact
120 jobs and 200 construction jobs. Over 50% local and minority job placement.
