The Firemen’s Insurance Company Building, a 10-story office building next to the NJPAC in Newark, will be converted into affordable housing as part of a $93 million redevelopment project.

The building at 10 Park Place will be transformed into a mixed-use development featuring 196 affordable housing units and ground-floor commercial retail space.

The project is receiving $12 million in Historic Property Reinvestment Program tax credits, and $81 million in Aspire tax credits.

The project includes a complete cleaning and repair of all exterior masonry work.

The building will also receive new heating, ventilation and air conditioning systems, as well as updated electrical and plumbing infrastructure.

Funding for the project was reported in September through the New Jersey Economic Dev

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