The Newark renewal effort received a boost when Regan Development purchased an 80,000-square-foot gutted office building in downtown Newark from Facilities Development Urban Corp. The purchase price was approximately $1.85 million, about $23 per square foot. The acquisition represented the first step in converting the building into residential apartments. This project is one of many investments fueling the revitalization of downtown Newark. "We have confidence in the resurgence of downtown Newark and the residential component needed to generate a 24- hour neighborhood," said Larry Regan, president of Regan Development. Located in the heart of downtown Newark at 11-15 Clinton St., the 10-story office building has been vacant since 1997. Construction is expected to start in May with delivery scheduled for summer 2003. Renovations will feature 63 loft apartments and 6,100 square feet of ground floor retail space. Sal Vassallo of Weichert Commercial Brokerage Inc. represented the seller. Vassallo also assisted Regan Development with necessary approvals and tax abatements needed for the project. Yona Hermann of Blau & Berg Co. represented Regan Development.