A $12 million tax credit from New Jersey's Economic Development Authority will transform two abandoned St. Michael's Hospital structures into homes. The buildings will become Newark Commons, with 42 units meant for medical staff and rising professionals. Standing empty for two decades, the 104,000-square-foot structure at 292-306 Dr. Martin Luther King Jr. Blvd. Plans call for 146 bedrooms, plus 4,500 square feet of retail space stretching along Central Avenue. Based in Belmar and Newark, Ellavoz Impact Capital manages $300 million in assets.