NEWARK -- City officials Thursday hailed the completion of a Sylvan Street apartment complex as a sign of the city's continued revitalization.

A ribbon-cutting ceremony was held for the Cherry Park Apartments, a 96-unit complex built in two buildings on a former industrial site.

"If we had more housing like this in the city of Newark, we'd be a lot better off than we are," Mayor Ras Baraka said during the ceremony.

The complex has 15 affordable housing units and 81 market rate units, with rents ranging from $748 a month for a one-bedroom apartment to $1,435 a month for a three-bedroom.

City officials said the project was built through a combination of financing, including $800,000 from the federal HOME Investment Partnership Program.

Newark also gave the complex a 30-year tax abatement.

The complex was constructed by the Cherry Park Urban Renewal LLC.

"I grew up a few blocks from here. It's a great source of pride for me to develop something of this quality and class in my neighborhood," Dan Gaglioti, a principal in the company, said. "Projects like this don't just happen, and Cherry Park would never have happened without the timeless efforts of many people."

The Cherry Park complex is about three blocks from the Branch Brook Park, which has more than 4,300 cherry trees.

City officials said the neighborhood had been hit hard when the Elliot Street was demolished after a fire, caused by a lightning strike, ravaged the building in 2006.

A new Elliot Street School opened earlier this year.

"Between the new school and Cherry Park Apartments, there has been a large positive impact on the neighborhood," said P.J. Calello, of the Calello Agency, the Newark company that manages Cherry Park.

Apartments became available for rent in the complex last May, and all the market-rate units are filled," Calello said.

"People who moved out of Newark are now moving back," Calello said.

Tom Haydon may be reached at thaydon@njadvancemedia.com. Follow him on Twitter @Tom_HaydonSL. Find NJ.com on Facebook.