The lobby. The NJ Bell building was designed by famed architect Ralph Thomas Walker and opened in 1929. It is known for its majestic lobby and brick-and-sandstone exterior. It is being renovated by L+M Development in Newark, NJ. Tuesday,04/24/2018 (Ed Murray | NJ Advance Media for NJ.com)

By Karen Yi | NJ Advance Media

Inside the New Jersey Bell building in Newark, the marble walls and terrazzo floors feel majestic, reminiscent of another time.

But soon, the 1920s Art Deco building will be symbolic of Newark today: This long-blighted city is finally seeing investment and growth.

The 436,000 square-foot building, listed on the U.S. National Register of Historic Places, will undergo a $120 million renovation and be converted into a mixed-use space with 265 apartments, retail and office space.

Don't Edit

A rendering of 540 Broad Street. (Courtesy: Inglese Architecture & Engineering)

"There is something really poetic about this building, it is a celebration of a great era in Newark's history and it's also a signal of where it can go from here," Jon Cortell, vice president for development at L+M Development Partners told NJ Advance Media after the project broke ground Monday.

The 21-story building, located on 540 Broad Street, once headquartered the New Jersey Bell telephone company, (later Bell Atlantic and now Verizon) and was home to nearly 3,000 workers. Verizon, which sold the building to L+M for $16.5 million in 2016, will keep its switching station inside the building on the fourth floor.

The lower floors of the building will be used for retail and office space. There will be a 24/7 doorman and amenities for residents including a fitness center and game room. The project received a tax abatement from the city and is subject to the new inclusionary zoning ordinance. That means 20 percent of units will be affordable. Apartments will be complete and ready for tenants early next year, Cortell said.

L+M was also behind the restoration of the Hahne & Co. building that houses Whole Foods and the Marcus B&P restaurant.

See more photos of the New Jersey Bell Building here.

Don't Edit

Detail work in the lobby. The NJ Bell building was designed by famed architect Ralph Thomas Walker and opened in 1929. It is known for its majestic lobby and brick-and-sandstone exterior. It is being renovated by L+M Development in Newark, NJ. Tuesday,04/24/2018 (Ed Murray | NJ Advance Media for NJ.com)

Designed by famed architect Ralph Walker, the building's lobby is ornate with bronze filigree, torch lights and a large mural. Outside, six sandstone figures line the building's front, each representing a role in the telephone company: a lineman, customer service rep or operator.

"These are buildings that take us back decades in the city of Newark, remind us of what the city was like, what it used to be and also reminds us of when the city began to go in a downward kind of trend," Mayor Ras Baraka said.

"This is a project hat is going to have historic ramifications for our city. There was a time in our city when people were trying to leave and now they're coming back to Newark and it signals that we're moving in the right direction."

Don't Edit

Renovation work. The NJ Bell building was designed by famed architect Ralph Thomas Walker and opened in 1929. It is known for its majestic lobby and brick-and-sandstone exterior. It is being renovated by L+M Development in Newark, NJ. Tuesday,04/24/2018 (Ed Murray | NJ Advance Media for NJ.com)

Cortell said a historic consultant will help with the building's renovations, which will include preserving the lobby's original floors and ceilings, and repurposing the old telephone booths as a mail room that maintains original elements. The brick and sandstone exterior will be thoroughly cleaned to better display the intricate designs along the side wall.

"All of that detail will become so much more visible," Cortell said. Additional outdoor lighting will be added, as well.

"This was a big undertaking, and we ended up taking it on because we realized how substantially different the building would look."

Don't Edit

The lobby. The NJ Bell building was designed by famed architect Ralph Thomas Walker and opened in 1929. It is known for its majestic lobby and brick-and-sandstone exterior. It is being renovated by L+M Development in Newark, NJ. Tuesday,04/24/2018 (Ed Murray | NJ Advance Media for NJ.com)

"This building was already here and it's beautiful and it's gorgeous," said Margaret Anadu, head of the Goldman Sachs Urban Redevelopment Group, which is helping to finance the project along with Citi Community Capital.

"A lot of the things that are going on is really just people coming together and just doing the work that it takes to bring what is already here to light, just dusting it off, opening it again."

Don't Edit

Don't Edit

It’s official, L + M Development breaks ground on old NJ Bell building on Broad Street. Coming soon: mixed retail/office/housing space with 20% affordable units. @rasjbaraka @CityofNewarkNJ @CarmeloGarcia pic.twitter.com/T0DP2DOl9C — Karen Yi (@karen_yi) April 23, 2018

Don't Edit

Karen Yi may be reached at kyi@njadvancemedia.com. Follow her on Twitter at @karen_yi or on Facebook.