Corinthian is an up-and-coming Community Development Corporation (CDC) with a proven track record. Our charge was to assist Corinthian in planning future residential development in their target area.
Corinthian’s target area in the Upper Central Ward of Newark suffers from many of the obstacles to housing which affects many urban areas in this country. Among these are low median and per capita incomes, low educational attainment, a large number of nontraditional households, high vacant lot rate, and large number of substandard housing units.
Despite these barriers to housing, there is a high demand for affordable and decent housing in the target area. This is the niche Corinthian serves. Corinthian Homes’ rent levels are affordable to about half of their target area’s population.
Corinthian’s target area has a large number of vacant lots, 56% of which are owned by the City of Newark.
Corinthian has a large market for tenants within Essex County, particularly in Newark. Corinthian’s greatest asset is its affordable rents. It is also fortunate to have a strong social network through neighbors and neighborhood churches. In addition, its central location makes it convenient to Newark’s business center and well as a transportation hub of the region. For these reasons, Corinthian would be wise to focus its marketing in Newark and Essex County.
Despite these assets, Corinthian faces several barriers. Security is a high concern for current and prospective tenants. In addition, the lack of amenities, such as a well-maintained local park, also hinder marketing initiatives. Subsequently, the provision of a playground and/or common green space for residents will be an added value. This will be appreciated by current residents and will make the development more attractive to potential tenants.
Corinthian has already left a significant imprint on its target community. Future plans will increase this significance. For this reason, Corinthian should continue to actively participate in the planning and implementation of a master plan for its community. A portion of this planning effort should be spent lobbying city officials to lower parking space requirements with the intention of increasing open green space. Seeking the assistance from Project Community was a first step in developing such a plan. Although obstacles do exist, our expectations of Corinthian’s future success and the revitalization of their community are high.
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