TSR Positive Images: We all love a queen that gives back! Queen Latifah can officially add the title of developer to her resume, as she is now an investor in affordable housing in Newark, NJ.
The $14 million project is expected to include 20 three-family town homes and a three-story mixed-use building with 16 additional units. The building will have additional 1,900 square feet of commercial space that will be rented to nonprofit organizations!
According to NJ.com, Queen, who serves as co-president of BlueSugar Corporation, will be working with GonSosa Development on the project. A spokeswoman for the developers said both companies understand the need for affordable housing in Newark.
“They understand how difficult it is to make ends meet for many residents and want to be part of the solution,” Cristina Pinzon said. They remain dedicated to making life better in communities like Newark.”
Queen has always represented for Newark, and expressed how proud she was to be part of “Newark’s own”. She’s looking for an affordable rental price of $1,800 per unit per month for the town-homes, which are expected to open in December 2020. The affordable housing building opening in December 2021, will have units that are priced based on a person’s income.
Queen Latifah is not alone, though. Shaq also announced his investment in Newark’s real estate market. He is reportedly working with developers on a 22-story apartment complex near the New Jersey Performing Arts Center, and a 33-story building next to Newark Penn Station. Both of Shaq’s projects will include affordable housing.
Source: NJ.com