Oliveri/Barber Development Sees Tremendous Opportunities in Downtown Newark Revitalization

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"The perception of inner-city Newark is unfortunate and false," says Oliveri, "The residents here are neighborly, and the communities are tight-knit. Our vision is to give these great people equally great places to live. Tenants are our customers after all, so it just makes sense to treat them with dignity."

Today, Oliveri/Barber Development owns and manages over 150 units in Newark – with 100% occupancy and a waiting list. Unlike most large real estate developers, the company is just two people – Founder Oliveri and Partner Frank Barber – who share a sincere interest in helping their city reach its full potential. Oliveri bought his first property in 2003 after driving a student home and seeing the unpleasant apartment building that his family were forced to live in. He determined then and there to give residents an alternative to slumlords and decrepit properties.

Oliveri/Barber Development has crafted a winning strategy that removes much of the uncertainty from real estate investing. Because the company takes a more hands-on approach than larger firms, it can quickly assess what works, see emerging opportunities before anyone else, and make quick adjustments in light of changing conditions. Most recently, the revitalization of downtown Newark has motivated the company to redouble its efforts in that part of the city.

"Real estate investment is a tremendous opportunity in Newark right now," adds Oliveri. "Today's development projects will ensure the city has a bright, prosperous future. We're proud to be a small part of making that success possible."

From the shores of the Passaic River to the city's commercial district, several ambitious projects are underway in downtown Newark. Currently, the third phase of the Riverfront Park is under construction. The $8 million project will add a boardwalk, bikeway, fitness zones and river overlook to the park's first two phases. Once finished, downtown workers and residents will have a space for all kinds of recreation and relaxation, and area property values are certain to increase.

On the retail and residential front, several major projects are at various stages of completion. The Shoppes at Prudential on Halsey Street will feature a Nike Factory store, Starbucks, Horizons Child Care Center, Blaze Pizza and Qdoba. Across the street, Halsey Tower has set aside 30,000 square feet for a Whole Foods Market on the ground floor, with apartment units above. Meanwhile, the city's first residential high rise in 50 years is planned for Center Street, directly across from the New Jersey Performing Arts Center.

Over the next 12 to 18 months, Oliveri/Barber Development plans to add 100 units to its portfolio. By 2018, the company will be expanding into the vacation rental property market, which is likely to experience a boost alongside the improving economy.

About Oliveri Development LLC

In business for five years, Oliveri Development is a real estate investment company specializing in distressed multi-family units in northern New Jersey.

Contact:
Carmelo Oliveri
(201) 618-2854
[email protected]

SOURCE Oliveri Development LLC