In a monumental move towards fostering innovation and entrepreneurship in Newark, Equal Space has proudly announced the acquisition of a $625,000 grant from the City of Newark and Invest Newark through the Newark Retail Reactivation Grant. This substantial grant marks a significant stride forward for Equal Space as it establishes a cutting-edge tech and innovation campus at 550 Broad Street, Newark.
This grant, administered through the Newark Retail Reactivation Initiative, is a testament to the city’s commitment to nurturing business growth and revitalizing downtown Newark. Mayor Ras J. Baraka, alongside Invest Newark, the city’s leading economic development corporation, unveiled this initiative to empower businesses and not-for-profit organizations to expand their presence in Newark’s downtown core. The initiative seeks to enhance downtown’s retail, cultural, and culinary landscape while simultaneously enhancing safety, aesthetics, and overall quality of life for Newark residents, workers, and students.
Equal Space’s utilization of this grant will materialize in creating ES550, a dynamic 50,000-square-foot tech and innovation campus. Located at 550 Broad Street, this state-of-the-art facility will encompass three floors of office spaces, multimedia studios, podcast studios, a 300-person event space, and headquarters tailored for more prominent startups. With a focus on inclusivity and community-building, Equal Space aims to cater to solopreneurs and teams of up to 24 individuals, providing a nurturing environment for businesses at every stage of their growth journey.
“Our vision for the tech and innovation campus is to cultivate positive and inclusive spaces where tech enthusiasts and innovators can thrive and make lasting contributions to Newark,” says Medina, CEO and Co-founder of Equal Space. “We are committed to ensuring that businesses not only come to Newark but also choose to stay and grow within the city. Newark has the potential to nurture startups from their inception to becoming established businesses, and we want to be instrumental in facilitating that journey.”
at ES550
Co-founders of EqualSpace with
Jonathan Collins, Operations Manager
Beyond fostering business growth, the tech and innovation campus is poised to generate new job opportunities and serve as a catalyst for economic development in Newark. The vision outlined by Mayor Ras J. Baraka underscores the significance of initiatives like the Newark Retail Reactivation Initiative in propelling downtown Newark toward becoming a vibrant, 24/7 hub for innovation, commerce, and community engagement.
Mayor Baraka expressed his enthusiasm for the Newark Retail Reactivation Initiative, emphasizing its potential to invigorate downtown Newark and attract diverse entrepreneurs and small retail businesses. “This program will make downtown even more attractive as a destination—a place for residents and visitors to enjoy,” Mayor Baraka remarked. “It is an important step in our strategy to make downtown a 24/7, exciting, walkable area where people can live, work, and play.”
As Equal Space embarks on this transformative journey, fueled by the support of the City of Newark and Invest Newark, the stage is set for a new era of innovation and growth in Newark’s downtown landscape. Through initiatives like the Newark Retail Reactivation Initiative, Newark is poised to emerge as a beacon of opportunity and progress, offering a fertile ground for businesses to flourish and communities to thrive.
